Bitcoin, Ethereum, and Ripple mixed after Dr Doom warns of “stinking cesspool”

It has been a reasonably subdued weekend of trade for the crypto market with small gains being seen across just a few of the biggest coins.

This has left the value of the crypto market at US$202 billion according to Coin Market Cap, which is 0.5% higher than where it stood on Friday but 7% lower than where it was this time last week.

Bitcoin and its peers have struggled to find support since last week’s meltdown after Nouriel Roubini criticised cryptocurrencies.

Nouriel Roubini, also known as Dr Doom, is famous for predicting the 2008 global financial crisis.

Last week he was busy predicting the collapse of the crypto market. According to CNBC, Roubini warned investors that it was a “stinking cesspool” and told U.S. senators that cryptocurrencies were “the mother or father of all scams and bubbles.”

I feel this could weigh heavily on sentiment for some time and investors ought to consider staying clear of the market.

Here is the state of play on the market this morning compared to 24 hours ago:

The Bitcoin (BTC) price is up 0.7% to US$6,316.31 per coin, lifting its market capitalisation to US$109.4 billion.

The Ethereum (ETH) price is down 0.5% to US$197.91 per token. This has reduced the ETH market capitalisation to US$20.3 billion.

The Ripple (XRP) price has dropped 0.1% to 41.57 U.S. cents, reducing the popular alt coin’s market capitalisation to US$16.6 billion.

The Bitcoin Cash (BCH) price is 0.1% higher to US$444.56. This has lifted the Bitcoin Cash market capitalisation to US$7.7 billion.

The EOS (EOS) price has fallen 0.6% to US$4.7 billion, reducing the alt coin’s market capitalisation to US$4.7 billion.

Outside the top five things were equally mixed. Stellar (XLM) has fallen 2.1% to 21.17 U.S. cents, Litecoin (LTC) is down 1.3% to US$52.64, and Cardano (ADA) has edged lower to 7.26 U.S. cents. Whereas Tether (USDT) is up 0.2% to 99 U.S. cents and Monero (XMR) has risen 0.5% to 7.26 U.S. cents.

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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.

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