MENU

Bitcoin, Ethereum, and Ripple edge lower but analyst tips bright future

It has been a reasonably uneventful 24 hours of trade for the crypto market once again, with low levels of volatility being exhibited across the major coins.

During this time the value of the entire market has fallen 0.3% to US$209.6 billion according to Coin Market Cap.

What next?

This was the tenth consecutive trading session that crypto prices have traded largely unchanged as volatility in the market continues to fall.

Some analysts believe that these low levels of volatility are a big positive for Bitcoin and could heighten investor interest in the space.

Mati Greenspan, senior market analyst at eToro, believes that the low level of volatility that Bitcoin has displayed during the share market meltdown means it could be a useful addition to portfolios for diversification purposes.

According to Market Watch, he wrote in a note that: “The fact that the current stock market rout has not had any effect whatsoever (positive or negative) on the cryptoassets is an extremely positive sign. This is a prime example of how crypto’s are uncorrelated and it only serves to increase their use case as a powerful tool for asset management.”

While I think that Mr Greenspan makes a great point, I don’t think 10 days of low volatility is enough to convince me that this is the case. Especially considering how incredibly volatile the crypto market has been this year outside these last 10 days.

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

The Bitcoin (BTC) price is down 0.15% to US$6,484.70, reducing its market capitalisation to US$112.45 billion.

The Ethereum (ETH) price has fallen 0.5% to US$203.22. This leaves ETH with a market capitalisation of US$20.9 billion.

The Ripple (XRP) is down slightly to 45.97 U.S. cents. This has reduced the XRP market capitalisation to just under US$18.5 billion.

The Bitcoin Cash (BCH) price has dropped 0.1% to US$442.11, leaving the Bitcoin offshoot with a market capitalisation of US$7.7 billion.

The EOS (EOS) price is mostly flat at US$5.39, leaving its market capitalisation at approximately US$4.9 billion.

Outside the top five it was a similar story with Stellar (XLM) down 1.3%, Litecoin (LTC) edging slightly lower, Cardano (ADA) down 0.6%, and Monero (XMR) down 0.7%. The Tether (USDT) price has been the exception with a 0.3% rise.

The next tech boom tipped to 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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.