Bitcoin, Ethereum, and Ripple sink lower after crypto bull trims 2018 forecasts

The crypto market has continued its poor start to the fourth quarter and declines are being seen across the board on Thursday morning.

This has led to the market shedding 1.9% of its value over the last 24 hours to US$215.9 billion according to Coin Market Cap.

The overnight declines could be related to news that renowned crypto bull Michael Novogratz has swallowed his pride and cut his forecast for the Bitcoin price in 2018.

Late last year Mr Novogratz tipped Bitcoin to break through the US$40,000 mark this year, but according to CNBC, the former Goldman Sachs macro trader doesn’t expect the coin to top US$9,000 by the end of the year.

But he remains optimistic on the cryptocurrency’s prospects. Novogratz believes the Bitcoin price will move above the US$10,000 mark by the end of the first two quarters of next year.

He suggested that meaningful institutional money will make its way to the market in 2019 and predicted a return of the same “FOMO” that pervaded as Bitcoin neared US$20,000 last year.

Time will tell if he’s correct this time around. But for now, here is the state of play on the market compared to 24 hours ago:

The Bitcoin (BTC) price is down 1.1% to US$6,494.35, reducing its market capitalisation to under US$112.4 billion.

The Ethereum (ETH) price has tumbled 3.3% to US$219.69. This leaves ETH with a market capitalisation of just under US$22.5 billion.

The Ripple (XRP) price has fallen 3.3% to 52.51 U.S. cents, reducing the XRP market capitalisation to US$22.97 billion.

The Bitcoin Cash (BCH) price is down 4.3% to US$514.08. This leaves the Bitcoin spin off with a market capitalisation of US$8.9 billion.

The EOS (EOS) price has fallen 1.2% to US$5.59. This latest decline means the EOS market capitalisation has dropped to just under US$5.1 billion.

The declines continued outside the top five with only one coin in the top 20 in positive territory. That coin was Tether (USDT), which rose a modest 0.2%.

Elsewhere, Stellar (XLM) has fallen 4.6%, Litecoin (LTC) is down 4.2%, Cardano (ADA) is off 3.2%, and Monero (XMR) is down 2.5%.

Japanese Billionaire’s Prediction Will Give You Goosebumps

This could be BIGGER than Bitcoin. When a veritable investing and entrepreneurial genius speaks, it pays to listen.

In fact, he's now preparing a $100B "war chest" to invest entirely in this "terrifying" new technology, which could spell huge profits for investors.

Click here to learn about this technology and how you can profit!

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…


The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!