Crypto update: Bitcoin, Stellar, and Litecoin rise, Ethereum, Ripple, and EOS tumble

Fibo Quantum

I think it is fair to say that it has been a reasonably mixed 24 hours of trade for the cryptocurrency market.

With the majority of coins edging lower over the period, the total value of the entire market has fallen 0.5% to US$112 billion according to Coin Market Cap.

I suspect that the market is in a holding pattern ahead of a major announcement in the United States on Thursday.

That announcement will be from the U.S. Securities and Exchange Commission which will have to make a decision on two Bitcoin ETFs from ProShares. Unlike the VanEck Bitcoin ETF which the U.S. SEC delayed making a decision on, no more extensions can be given and it must make a decision on the ProShares offering.

But given the concerns that the regulator has, I’m not convinced it will approve these ETFs.

Here is the state of play on Wednesday morning:

The Bitcoin (BTC) price has risen 1% over the last 24 hours to US$6,491.89 per coin. This has lifted the crypto giant’s market capitalisation to US$111.8 billion.

The Ethereum (ETH) price has fallen 0.4% since this time yesterday to US$282.09 per token, reducing its market capitalisation to just over US$28.6 billion.

The Ripple (XRP) price is down 0.2% over the period to 33.55 U.S. cents. This reduces the XRP market capitalisation to US$13.2 billion.

The Bitcoin Cash (BCH) price hasn’t gone anywhere over the last 24 hours and is flat at US$535.31. This leaves the Bitcoin offshoot’s market capitalisation steady at just under US$9.3 billion.

The EOS (EOS) price has fallen 1.9% since this time yesterday to US$4.91, reducing the EOS market capitalisation to just a little over US$4.4 billion.

Outside the top five it was equally mixed. The Stellar (XLM) price is up 0.1% to 22.19 U.S. cents and the Litecoin (LTC) price has climbed 2% to US$56.67, but Tether (USDT) is down 0.2%, Cardano (ADA) is off 2.4%, and Monero (XMR) has fallen 3%.

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.