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

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$212 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%.

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