Crypto Market Update: Focus on BTC, ETH, XRP, LTC, BNB, and XLM

Siamak Masnavi

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC), Binance Coin (BNB), and Stellar (XLM)—over the past 24-hour period.

Overall, September 18th has been a great days for altcoins, with 17 of the top 20 cryptoassets (by market cap) in the green at press time (around 17:20 UTC). And one of the three cryptoassets in the red is Bitcoin.

BTC-USD

BTC-USD 24 Hour Chart - 18 Sep 2019.png

The U.S. Securities and Exchange Commission (SEC) announced on Tuesday (September 17) that Cboe BZX Exchange ("BZX") had withdrawn a proposed rule change to list/trade SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust; in other words, there is now no chance of seeing the VanEck-SolidX Bitcoin ETF getting approved any time this year.

Although this was obviously not good news for Bitcoin, the fact that the market has reacted to it with calm disappointment shows that, as economist/trader Alex Krüger points out below, the market seems to have priced in the very likely scenario that no Bitcoin ETF is going to get approved this year by the U.S. Securities and Exchange Commission (SEC):

Earlier today, Jake Chervinsky, General Counsel for DeFi startup Compound, asked the following question on Twitter: "Does Bitwise stand a chance of approval even though VanEck presumably expected rejection?"

The final deadline for a decision by the SEC on the Bitwise Asset Management's Bitcoin ETF proposal is October 13. Chervinsky estimates the chances of this proposal getting approved at 0.01%. Here is the reason for his pessimism:

To summarize the main problem: the SEC's view is that there *aren't any* regulated bitcoin markets of significant size. Needless to say, it's tough for ETF sponsors like VanEck and Bitwise to enter surveillance-sharing agreements with markets that don't exist.

ETH-USD

ETH-USD 24 Hour Chart - 18 Sep 2019.png

During the past seven days, the ETC price has gone up 16.68% against USD, and at press time, it is at the highest level it has been since 11 August 2019.

Crypto investor Spencer Noon published a Twitter thread yesterday that looked at some of the possible reasons for ETH price going above $200 for the first time since 20 August 2019. One of those reasons could be that Ether is overtaking Bitcoin in daily transaction fees:

XRP-USD

XRP-USD 24 Hour Chart - 18 Sep 2019.png

One piece of good news for XRP is that Binance.US opened for registration and deposits at 12:00 UTC today (September 18), and one of the seven supported cryptoassets is XRP.

LTC-USD

LTC-USD 24 Hour Chart - 18 Sep 2019.png

On Monday (September 16), Litecoin.com reported that David Burkett, the main Grin++ developer, is working with the Litecoin Foundation to add MimbleWimble support to Litecoin.

BNB-USD

BNB-USD 24 Hour Chart - 18 Sep 2019.png

At 11:00 UTC today, Binance.US made the surprise announcement that it was going to support one more cryptoasset: Binance Coin (BNB).

Economist and trader Alex Krüger found this "bullish" for BNB:

XLM-USD

XLM-USD 24 Hour Chart - 18 Sep 2019.png

Among the top 50 cryptoassets (by market cap), the biggest gainer was Stellar Lumens (XLM). 

Today's pump had XLM reaching the dizzying height of $0.1021 by 14:10 UTC. Sadly, the euphoria did not last long. Within one hour, the XLM price had dropped to $0.07949. Still, a gain of over 22% in the past 24-hour period is not so bad!

Featured Image Credit: Photo via Pixabay.com