Bitcoin, Ripple, and Ethereum push higher despite analyst tipping further declines

It was a reasonably positive weekend of trade for the crypto market after a week that traders won’t be forgetting for some time.

With small gains being made across the board, the entire value of the market has increased 0.3% since Friday to US$185.4 billion according to Coin Market Cap. This narrowed its weekly decline to a sizeable 12.5%.

What has been happening?

It has been a quiet weekend for the crypto market with little by way of news.

And with some tipping Bitcoin to continue its decline in the coming months, traders don’t appear to be willing to jump in to buy the dip just yet.

According to Bloomberg Intelligence, its analysts have predicted that the Bitcoin price could fall to US$1,500. This price target implies potential downside of 73% and would wipe off over US$71 billion from its market capitalisation.

One person that is a little more bullish, though less bullish than a week ago, is Bitcoin bull Tom Lee.

The analyst from Fundstrat Advisors has trimmed his year-end Bitcoin price target from US$25,000 to US$15,000 according to CNBC.

The former JP Morgan chief equity strategist told clients that: “While bitcoin broke below that psychologically important US$6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications.”

Time will tell which analysts are proven correct. For now, here is the state of play on the market compared to 24 hours ago:

The Bitcoin (BTC) price is up 1.1% to US$5,611.52 per coin. This has lifted the world’s largest cryptocurrency’s market capitalisation to US$97.55 billion.

The Ripple (XRP) price has climbed a further 2.4% to 50.35 U.S. cents. This gain cements XRP’s position as the second-largest cryptocurrency with a market capitalisation of US$20.3 billion.

The Ethereum (ETH) price is 1.7% higher at US$177.07 per token. This has increased Ethereum’s market capitalisation to US$18.3 billion.

The Bitcoin Cash (BCH) price has continued its slide and is down a further 2.2% to US$383.87 per token. This decline leaves the struggling Bitcoin spin off with a market capitalisation to US$6.7 billion.

The Stellar (XLM) price has climbed 0.9% to 24.7 U.S. cents per token. This has lifted the XLM market capitalisation to US$4.75 billion.

Outside the top five things were just as positive. EOS (EOS) is up 0.5%, Litecoin (LTC) has risen 1.3%, Tether (USDT) has edged 0.1% higher, Cardano (ADA) is up 2.1%, and Monero (XMR) has pushed 3.3% higher.

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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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