Bitcoin, Ethereum, and Ripple mixed ahead of crypto ETF decision

The crypto market has had a reasonably positive start to the week.

Although a number of coins in the top ten have dropped lower over the last 24 hours, a solid gain by the Bitcoin price has pushed the value of the entire market higher.

At present the market is valued at US$211.6 billion, up 0.8% since this time yesterday according to Coin Market Cap.

What happened?

Investors may have been snapping up Bitcoin ahead of its alt coin peers due to the fact that a decision on nine rejected crypto ETFs is due imminently.

November 5 was the deadline for the public to submit statements to the U.S. Securities and Exchange Commission in relation to the ETFs. The regulator will now look through these statements and review the ETFs accordingly.

No date has been given for when the review will be completed but some traders appear to be getting in early in the hope that the regulator makes a positive decision.

The approval of a Bitcoin ETF is expected by many to lead to a large amount of institutional money flooding into the market. Due to the finite amount of Bitcoin available to be traded, this would almost certainly push prices higher.

For now, though, here are how prices are doing compared to 24 hours ago:

The Bitcoin (BTC) price is up 1.3% to US$6,414.67 per coin. This has increased the crypto giant’s market capitalisation to US$111.4 billion.

The Ethereum (ETH) price has dropped 0.9% lower to US$207.36 per token. This decline leaves Ethereum with a reduced market capitalisation of US$21.35 billion.

The Ripple (XRP) price has pushed 3.4% higher to 48.2 U.S. cents. This gain means the XRP market capitalisation has lifted to US$19.4 billion.

The Bitcoin Cash (BCH) price has tumbled 1.4% to US$553.40 per token. This has reduced the Bitcoin spin off’s market capitalisation to US$9.65 billion.

The EOS (EOS) price is down 0.3% to US$5.43 per token, reducing the EOS market capitalisation to US$4.9 billion.

Outside the top five things were equally mixed. Stellar (XLM) is down 0.25%, Litecoin (LTC) is off 1.3%, and Monero (XMR) is down 0.55%. Whereas Cardano (ADA) is 0.7% higher and Tether (USDT) has jumped 3.5%.

While Bitcoin is in an interesting place right now, I still think that this tech investment opportunity is far greater than cryptos.

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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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