The last 24 hours of trade have been disappointing for crypto traders with heavy declines being seen across the board again.
This has led to the entire value of the market losing another 5.7% of its value to US$138.3 billion according to Coin Market Cap.
Why are crypto prices falling again?
While prices have been under pressure all month, news that one analyst has tipped a 30% decline for the Bitcoin price won’t have helped.
According to CNBC, Michael Moro from Genesis Trading & Genesis Capital Trading told the Squawk on the Street show that he doesn’t believe Bitcoin will bottom until it hits the US$3,000 mark.
He said: “You really won’t find [the floor] until you kind of hit the 3K-flat level.”
Before adding that “It’s really difficult. There are small levels of resistance. We’ve seen the 4,000 level get tested twice now in the last couple of days, but I really don’t think there’s too much in the mid-3s.”
The good news for Bitcoin bulls is that Moro doesn’t believe this will be the end of the road for the crypto giant and institutional money.
Moro said: “This is about the fifth or sixth 75 percent-plus drawdown that we’ve seen in the 10-year history of bitcoin. And so if you have that [long-term] lens, I don’t believe institutional investors really ultimately care where the price of bitcoin ends in 2018 simply because they’re looking at things three to five years out.”
What are prices doing today?
Here is the state of play on the market compared to the last 24 hours:
The Bitcoin (BTC) price is down 4.1% to US$4,298.17 per coin. This has reduced the crypto giant’s market capitalisation to US$74.75 billion.
The Ripple (XRP) price has fallen 8% to 40.04 U.S. cents. This leaves the alt coin with a market capitalisation of US$16.15 billion.
The Ethereum (ETH) price tumbled 6.9% to US$12.6 billion. This has left ETH with a market capitalisation of US$12.6 billion.
The Bitcoin Cash (BCH) price has crashed 7.4% lower to US$202.74. The Bitcoin spin off now has a market capitalisation of US$3.5 billion.
The Stellar (XLM) price has sunk 8.1% lower to 17.78 U.S. cents. This has reduced the alt coin’s market capitalisation to US$3.4 billion.
Outside the top five it is also a sea of red with EOS (EOS) down 4.1%, Litecoin (LTC) off 6%, Tether (USDT) down 0.5%, Cardano (ADA) 6.6% lower, and Monero (XMR) down 4.2%.
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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.