Crypto update: Bitcoin (BTC), Bitcoin Cash (BCH), and NEO (NEO) are on fire

It has been a positive start to the week for cryptocurrency traders with almost all the major cryptos pushing notably higher. This has increased the value of the entire market to approximately US$449 billion according to Coin Market Cap.

Here’s the state of play on Tuesday morning:

The biggest mover in dollar terms has been the bitcoin (BTC) price. It is up 7.5% since this time yesterday to US$10,305 per coin. Although no single catalyst is known to be the cause of the gain, there has been stronger than normal demand from Japanese traders. This left bitcoin with a market capitalisation of US$174 billion or 39.2% of the entire market.

The Ethereum (ETH) price is up 3.3% over the last 24 hours to US$867.05 per token. The world’s second-largest cryptocurrency now has a market capitalisation of US$84.85 billion.

The Ripple (XRP) price has edged 2.2% higher since this time yesterday to 95.6 U.S. cents, increasing its market capitalisation to US$37.4 billion.

Bitcoin Cash (BCH) has been one of the biggest movers with an almost 7% gain during the period to US$1,250 per coin. The bitcoin spin-off now has a market capitalisation of US$21.2 billion.

The Litecoin (LTC) price has carried on with its good run and is up 2% to US$219.72. This gives the increasingly popular altcoin a market capitalisation of US$12.2 billion. Litecoin received a boost yesterday when its founder predicted that it would overtake Bitcoin Cash this year to become the fourth-largest cryptocurrency by market capitalisation. The Litecoin price will need to rise 74% from here to achieve this.

Finally, the NEO (NEO) price has been the biggest mover amongst the top ten cryptocurrencies. It is up a massive 15% since this time yesterday to US$135.11 per coin. The China-based cryptocurrency was given a major lift when ratings agency Weiss gave it an A- rating. This is the first time a cryptocurrency has been given a rating higher than B+. As a comparison, bitcoin has a C+ rating by Weiss.

Whilst NEO could be destined for a good run thanks to the Weiss rating upgrade, I think these three growth shares will outperform it.

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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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