The crypto market has continued its poor start to the fourth quarter and declines are being seen across the board on Thursday morning.
This has led to the market shedding 1.9% of its value over the last 24 hours to US$215.9 billion according to Coin Market Cap.
The overnight declines could be related to news that renowned crypto bull Michael Novogratz has swallowed his pride and cut his forecast for the Bitcoin price in 2018.
Late last year Mr Novogratz tipped Bitcoin to break through the US$40,000 mark this year, but according to CNBC, the former Goldman Sachs macro trader doesn't expect the coin to top US$9,000 by the end of the year.
But he remains optimistic on the cryptocurrency's prospects. Novogratz believes the Bitcoin price will move above the US$10,000 mark by the end of the first two quarters of next year.
He suggested that meaningful institutional money will make its way to the market in 2019 and predicted a return of the same "FOMO" that pervaded as Bitcoin neared US$20,000 last year.
Time will tell if he's correct this time around. But for now, here is the state of play on the market compared to 24 hours ago:
The Bitcoin (BTC) price is down 1.1% to US$6,494.35, reducing its market capitalisation to under US$112.4 billion.
The Ethereum (ETH) price has tumbled 3.3% to US$219.69. This leaves ETH with a market capitalisation of just under US$22.5 billion.
The Ripple (XRP) price has fallen 3.3% to 52.51 U.S. cents, reducing the XRP market capitalisation to US$22.97 billion.
The Bitcoin Cash (BCH) price is down 4.3% to US$514.08. This leaves the Bitcoin spin off with a market capitalisation of US$8.9 billion.
The EOS (EOS) price has fallen 1.2% to US$5.59. This latest decline means the EOS market capitalisation has dropped to just under US$5.1 billion.
The declines continued outside the top five with only one coin in the top 20 in positive territory. That coin was Tether (USDT), which rose a modest 0.2%.
Elsewhere, Stellar (XLM) has fallen 4.6%, Litecoin (LTC) is down 4.2%, Cardano (ADA) is off 3.2%, and Monero (XMR) is down 2.5%.
