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Crypto update: Bitcoin (BTC) and Bitcoin Cash (BCH) storm higher

The last 24 hours has been largely subdued for the cryptocurrency market and the majority of cryptos have begun to consolidate after their rebounds.

Here is the state of play in the industry on Friday morning:

The bitcoin (BTC) price is up over 2.5% during this time to US$8,370 according to Coin Market Cap. This has lifted the world’s largest cryptocurrency’s market capitalisation to US$141 billion.

Ethereum (ETH) is down slightly since this time yesterday to US$816.85. Ethereum’s market capitalisation now stands at US$79.6 billion.

Popular altcoin Ripple (XRP) has seen its price slide a quarter of a percent to 76.9 U.S. cents over the last 24 hours. XRP’s market capitalisation is just short of US$30 billion.

The Bitcoin Cash (BCH) price has been a standout performer over the last 24 hours by pushing a massive 30% higher to US$1,135. The bitcoin spin-off has seen its market capitalisation increase to US$22.3 billion.

Cardano (ADA) has dropped 0.8% during this time to 35.5 U.S. cents. The third-generation cryptocurrency’s market capitalisation has reduced to US$9.2 billion.

What’s happening?

Crypto trader sentiment has improved this week after testimonies were released by U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission officials which revealed a more optimistic than expected view on the industry from the regulators.

This has many in the market believing that officials will not ban cryptocurrencies, but rather make them safer. Which would admittedly be a big positive for the industry.

But why is Bitcoin Cash booming?

According to Forbes, traders are looking favourably towards the bitcoin spin-off as a potential replacement for the antiquated bitcoin. Adoption levels have been growing strongly as users grow tired of bitcoin’s fees and long processing times.

I expect this could continue to be the case for some time until bitcoin’s scalability issues are solved. If they ever are, that is. Many experts aren’t confident that bitcoin’s technology will ever be upgraded enough for it to be used out in the real world as a currency.

Overall, things certainly are looking a lot more positive for the industry right now, but I wouldn’t be in a rush to invest. Things can change very quickly, let’s not forget.

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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 Bruce Jackson.

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