Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Stellar storm higher despite ETF rejection

The prices of Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Stellar stormed higher overnight despite nine crypto ETFs being rejected by the U.S. SEC…

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Against all odds the crypto market has had a positive 24 hours of trade and solid gains are being seen across the board on Friday morning. In fact, just three coins in the top 50 are in negative territory at the time of writing.

This has led to the value of the entire market rising 2.7% since this time yesterday to US$211.5 billion according to Coin Market Cap.

The gain is all the more surprising when you consider that overnight the U.S. Securities and Exchange Commission rejected more requests to list cryptocurrency ETFs due to concerns over manipulation and market surveillance. A total of nine ETFs were rejected by the regulator.

However, crypto traders were thrown the smallest of lifelines when one of the U.S. SEC’s four commissioners tweeted that the agency will review the decision. Bloomberg has reported that a ruling reversal is unlikely, though.

Here is the state of play on Friday morning:

The Bitcoin (BTC) price has pushed 2.3% higher over the last 24 hours to US$6,533.64 per coin, lifting the crypto giant’s market capitalisation to US$112.6 billion.

The Ethereum (ETH) price has risen 2.8% since this time yesterday to US$277.16 per token, improving ETH’s market capitalisation to just over US$28.1 billion.

The Ripple (XRP) price is up 1.8% over the period to 32.67 U.S. cents. This gives the popular alt coin a market capitalisation of US$12.9 billion.

The Bitcoin Cash (BCH) price has climbed 2.3% over the last 24 hours to US$531.76, lifting the Bitcoin offshoot’s market capitalisation to US$9.2 billion.

The EOS (EOS) price has been a strong performer and is up 4.7% since this time yesterday to US$4.91. This has given EOS a market capitalisation of almost US$4.5 billion.

Outside the top five the Stellar (XLM) price rose 5.3%, Litecoin (LTC) jumped 4.5%, Cardano (ADA) climbed 2.3%, and Monero (XMR) pushed 0.5% higher. The only coin in the top ten that failed to push higher was the U.S. dollar-pegged Tether (USDT).

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.

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