Bitcoin, Ethereum, and Ripple start the week in the red

It was a rather subdued weekend of trade for the crypto market with small declines being seen across the board.

This has left the entire value of the crypto market down around 0.5% since Friday at US$217.2 billion according to Coin Market Cap.

The market appears to be in a holding pattern right now as traders await for progress updates on recent ETF applications. Late last week the U.S. SEC requested public comment on nine ETF rule change proposals that had been rejected recently. It has given the public until October 26 to make comments on the proposals.

While few expect the U.S. SEC to approve these ETFs, any positive change in rhetoric could be a sign that changes will come in the future.

The launch of a crypto ETF is seen as the first step in getting institutional money into the market. This is expected to result in increasing demand for coins and support higher prices.

Here is the state of play on Monday morning compared to 24 hours ago:

The Bitcoin (BTC) price is down 0.1% to US$6,586.94 per coin, reducing its market capitalisation slightly to US$114 billion.

The Ethereum (ETH) price is down 0.2% to US$224.49 per token. This has left ETH with a market capitalisation of just under US$23 billion.

The Ripple (XRP) price is down 1.1% to 47.3 U.S. cents. The XRP market capitalisation has dropped to US$18.9 billion following this latest decline.

The Bitcoin Cash (BCH) price has pushed 1.2% higher to US$513.17. This lifted the Bitcoin spin off’s market capitalisation to US$8.9 billion.

The EOS (EOS) price is down 0.7% to US$5.69, leaving the alt coin with a market capitalisation of US$5.15 billion.

Outside the top five it was a similar story. While Stellar (XLM) and Cardano (ADA) managed to push higher, there were small declines for the likes of Litecoin (LTC), Tether (USDT), and Monero (XMR).

Stellar rose 0.7%, Cardano was up 2.4%, whereas Litecoin fell 0.15%, Tether was down 0.1%, and Monero dropped 0.9% lower.

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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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