Cryptocurrencies grow further

The cryptocurrency market has had a habit of growing around 10% one day and then crashing 10% the next.

However, the last 24 hours has seen the cryptocurrencies strengthen their prices at the current levels.

Bitcoin (BTC) has risen by 2.16% over the past day to US$11,358.90 and now has a market capitalisation of US$191.1 billion.

Ethereum (ETH) has grown by 4.62% over the past 24 hours to US$1,047.19 and now has a market capitalisation of US$101.8 billion.

Ripple (XRP) has declined by 1.68% over the past day to US$1.36 and now has a market capitalisation of US$52.5 billion.

Bitcoin Cash (BCH) has declined by 0.23% over the past 24 hours to US$1.36 and now has a market capitalisation of US$28 billion.

Cardano (ADA) has grown by 9.99% over the past day to US$0.634 and now has a market capitalisation of US$16.4 billion.

Stellar (XLM) has grow by 15.55% over the past 24 hours to US$0.576 and now has a market capitalisation of US$10.3 billion.

The cryptocurrencies have certainly cooled down from their crazy heights a few weeks ago, but they haven’t continued dropping like a stone either. Of course, there’s still time for that. How much is a trading token worth if it doesn’t go up and can’t be used in the real world to buy things?

News that Asian governments are cracking down on cryptocurrency trading has dampened euphoria and now US payments company Stripe has said it will stop processing Bitcoin payments.

Overall, I think the cryptocurrency rise was fascinating, but the easy money has been made, huge gains aren’t going to happen again and I believe another crash is more likely.

Perhaps one day a truly dominant cryptocurrency will rise with all of the necessary technological features, but that will mean most others fail. I’d much rather stick to long-term winning shares.

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Motley Fool contributor Tristan Harrison 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 Bruce Jackson.

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