Bitcoin, Ripple, and Ethereum sink lower despite expert tipping BTC to reach US$250,000

It has been another disappointing 24 hours of trade for the crypto market with the market largely a sea of red again this morning.

This has led to the entire value of the market sliding over 1.5% to US$122.5 billion according to Coin Market Cap.

What’s been happening?

Crypto prices have continued to tumble despite some potentially positive industry news.

According to Bloomberg, sources have told the news outlet that U.S. stock exchange Nasdaq intends to go ahead with plans to launch Bitcoin futures despite the significant fall in prices this year.

The report suggests that the stock exchange could launch the futures at the start of next year. It appears to be confident that interest in the crypto space will be sustained in the future and this year’s market meltdown will not impact demand.

Elsewhere, Forbes is reporting that Bitcoin bull and venture capital investor Tim Draper still believes the entire global economy will eventually pivot to cryptocurrencies. He expects Bitcoin to be the coin that leads the change.

In light of this, Draper reaffirmed his prediction that the Bitcoin price will climb to US$250,000 per coin by 2022.

I’m not convinced with this prediction, but time will tell what happens. For now, though, here’s how prices are doing compared to 24 hours ago:

The Bitcoin (BTC) price has dropped a further 1.2% to US$3,749.11 per coin. This has reduced the crypto giant’s market capitalisation to US$65.2 billion.

The Ripple (XRP) price is down 2.5% to 34.84 U.S. cents. This decline has reduced the XRP market capitalisation to US$14 billion.

The Ethereum (ETH) price has dropped 1.8% to US$106.84 per token. The ETH market capitalisation has fallen to US$11.05 billion following this decline.

The Bitcoin Cash (BCH) price has tumbled 2.9% to US$174.94, reducing the Bitcoin offshoot’s market capitalisation to US$3.05 billion.

The Stellar (XLM) price is down 2.7% to 14 U.S. cents. This may have reduced its market capitalisation of US$2.7 billion, but due to heavier falls elsewhere it has jumped into the top five.

Outside the top five things were mixed. EOS (EOS) has fallen 7.9% and Bitcoin SV (BSV) is down 6.4%, but Tether (USDT) is up 0.5%, Litecoin (LTC) is 0.9% higher, and Monero (XMR) has climbed 2.5%.

5 Companies we like better than Bitcoin

When ace stock picker Scott Phillips has a buy recommendation, history suggests it can pay to listen.

Scott recently revealed what he believes are the five best ASX stocks for investors to buy right now… and Bitcoin wasn’t one of them! That’s right — he thinks these 5 stocks are even better buys.

See the 5 stocks

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.