It has been a reasonably positive but uneventful weekend of trade for the crypto market.
With small gains being seen across the board on Monday morning, the entire value of the market has risen 1% to US$210.7 billion according to Coin Market Cap.
The market has seen a significant drop in volume this month, possibly indicating that a lot of traders have now given up on cryptocurrencies amid a series of sharp declines and concerns over price manipulation and security.
Over the last five days the average 24-hour volume of coins traded over crypto exchanges ranged from US$12 billion to just US$9 billion based on Coin Market Cap data. This compares to around US$50 billion per day at the start of the year.
One potential positive catalyst to trading volumes would be a Bitcoin ETF. Later this week the U.S. SEC is expected to complete its review on several ETF applications. While very few experts believe that the Commission will authorise a rule change to allow an ETF, any signs that regulators are warming to the idea of an ETF could get traders excited again.
In the meantime, here is the state of play on the market on Monday morning compared to 24 hours ago:
The Bitcoin (BTC) price is up 0.7% to US$6,521.25 per coin. This has lifted its market capitalisation to US$113 billion.
The Ethereum (ETH) price has climbed 0.35% to US$205.84 per token, increasing the ETH market capitalisation to US$21.15 billion.
The Ripple (XRP) price has risen 0.25% to 45.93 U.S. cents. This gain brings the XRP market capitalisation up to just under US$18.4 billion.
The Bitcoin Cash (BCH) price has pushed 1.9% higher to US$452.82. The Bitcoin spin off now has a market capitalisation of US$7.9 billion.
The EOS (EOS) price is up 1.25% to US$5.44. This gain brings the alt coin’s market capitalisation to US$4.9 billion.
Outside the top five things were a little mixed. Litecoin (LTC) has risen 0.2% and Monero (XMR) has pushed 1.5% higher, whereas Stellar (XLM) has fallen 1.1%, Tether (USDT) is down 0.1%, and Cardano (ADA) is flat.
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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.