It was another mixed 24 hours of trade for the crypto market with the bulls and the bears failing to take control of proceedings.
This has led to the market trading flat during the period, leaving it with a market value of US$209.3 billion according to Coin Market Cap.
What’s been happening?
It has been a quiet 24 hours with Bitcoin trading in a relatively narrow range. The market failed once again to get a boost from the risk-off trade, with investors heading to gold and the Japanese and Swiss currencies instead.
However, one piece of news that dropped overnight came out of crypto giants Coinbase and Circle.
According to CNBC, Coinbase and Circle have launched a joint venture known as the CENTRE Consortium, which aims to speed up the adoption of cryptocurrencies backed by actual government currencies like the U.S. dollar.
Circle stated: “Coinbase and Circle share a common vision of an open global financial system built on crypto rails and blockchain infrastructure, and realizing this vision requires industry leaders to collaborate to build interoperable protocols and standards”
To achieve this Coinbase has allowed Circle’s USD Coin to trade on its popular cryptocurrency exchange. This is the first stablecoin that has been allowed to trade on the exchange The USD Coin differs to regular cryptocurrencies as it is collateralised by a U.S. dollar which is held in an account and subject to regular public reporting of reserves.
Some say stablecoins are the future, time will tell if that’s the case.
Here is the state of play on the market on Wednesday compared to 24 hours ago:
The Bitcoin (BTC) price has fallen 0.1% to US$6,473.18, leaving it with a market capitalisation of US$112.2 billion.
The Ethereum (ETH) price is up 0.1% to US$204.37, lifting its market capitalisation to US$21 billion.
The Ripple (XRP) price has dropped 0.5% to 45 U.S. cents, reducing its market capitalisation to US$18 billion.
The Bitcoin Cash (BCH) price is down 1.2% to US$441.97. This leaves the Bitcoin offshoot with a market capitalisation of US$7.7 billion.
The EOS (EOS) price is 0.4% higher at US$5.41. This gives EOS a market capitalisation of US$4.9 billion.
Outside the top five things were a little more positive. Stellar (XLM) is up 0.2%, Litecoin (LTC) has risen 0.35%, Tether (USDT) is 0.15% higher, and Monero (XMR) has pushed 3.7% higher. Cardano (ADA) was the exception with a 1.7% decline.
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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.