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Crypto Markets See Mixed Signals While BCH and XLM Grow Significantly
Saturday, Nov. 3: crypto markets have seen mixed signals over the day, with most of the top 20 cryptocurrencies by market cap experiencing. slight fluctuations. Bitcoin Cash (BCH) and Stellar (XLM) are seeing significant gains on the day of more than 3.5 percent, according to CoinMarketCap.
Market visualization from Coin360
Following a slight price rebound, Bitcoin (BTC) has failed to foothold the $6,400 price point today. The major cryptocurrency is down around 0.4 percent over the past 24 hours and is trading at around $6,348 at press time. The intraday high of Bitcoin’s price has amounted to $6,400, while the lowest price point has constituted to $6,342.
Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin Price Index
Ethereum (ETH) has seen its price gradually drop from $201 to $199.5 over the day. The altcoin is down 0.4 percent over the past 24 hours, and is trading at $199.9 at press time.
Earlier today, Cointelegraph reported on the research by a group of analysts from Northeastern University and the University of Maryland claiming that Ethereum smart contracts have a lack of diversity, which reportedly poses a threat to ETH blockchain ecosystem.
Ethereum 24-hour price chart. Source: CoinMarketCap Ethereum Price Index
Ripple (XRP), the third top cryptocurrency by market cap, is also slightly down as of press time, with its price decreasing by some 0.6 percent over a 24 hour period. The coin is trading at $0.455 as of press time.
Ripple 24-hour price chart. Source: CoinMarketCap Ripple Price Index
Total market capitalization amounts to around $206 billion at press time. After having reached $207 billion over the past 24 hours, total market cap has seen a slight drop and was hovering around $206 billion over the rest of the day. Daily trade volume has also seen a slight drop from yesterday’s $12 billion, amounting to $10 billion at press time. The total number of all cryptocurrencies listed on CoinMarketCap is 2,097.
Total market capitalization chart. Source: CoinMarketCap
Bitcoin Cash (BCH), the fourth top coin by market cap, has seen a distinctive growth of 3.6 percent today. At press time, the coin is trading at around $482.
Stellar (XLM), ranked sixth, is seeing the biggest growth among the top 20 cryptocurrencies by market cap, up around 3.8 percent over the past 24 hours and trading at around $0.24 at press time.
During October, the crypto markets have been frozen possibly in anticipation of the long-awaited decision on Bitcoin exchange-traded funds (ETF) by the U.S. Securities and Exchange Commission (SEC), with Bitcoin hitting its record volatility low since mid-2017.
Considered by some to be the main driving force for the alleged upcoming crypto rally, the future of nine Bitcoin ETFs is likely to be defined soon, with the SEC officially setting up a deadline for reviewing proposed rule changes related to a series of applications to list and trade various Bitcoin ETFs by Monday, Nov. 5.
Most recently, Reggie “godfather of ETFs” Browne claimed that Bitcoin ETFs will be approved “no time soon,” clarifying that related certification will require a strong regulatory framework in the industry.
While ETF hype continues to grow, another part of the crypto industry associated with Initial Coin Offerings (ICO) is likely to see some changes soon, with South Korea’s government preparing to release its new official stance on the matter in November.
On Oct. 31, a South Korean central government official claimed that “it is difficult to ban ICO[s] completely,” according to a report by South Korean blockchain-related news agency Block Media.