Crypto update: Bitcoin (BTC) and Litecoin (LTC) rise as U.S. markets tumble

The cryptocurrency market rebounded overnight following a sell-off in U.S. equities.

With gains being seen across the board, the total value of the cryptocurrency market has risen to US$459.5 billion according to Coin Market Cap.

The highlight was arguably the performance of the bitcoin (BTC) price. After coming under a spot of pressure, it bounced back and has pushed 2.6% higher during the last 24 hours to US$10,900. This gives bitcoin a market capitalisation of US$184.4 billion, the equivalent of 40.1% of the entire market.

Bitcoin may have been given a lift from one crypto expert tipping the price to almost double to US$20,000 by the middle of the year. Another catalyst for the move higher is likely to have been from a flight to safety in my opinion. Although bitcoin is one of the riskiest assets around, it does tend to rise during risk off events. The Dow Jones index is down approximately 1.5% at the time of writing.

The ethereum (ETH) price has risen 0.5% to US$876.21 per token. This lifted the world’s second-largest cryptocurrency’s market cap to US$85.8 billion.

The Ripple (XRP) price is up close to 1% since this time yesterday to 93.2 U.S. cents, lifting its market capitalisation to just under US$36.5 billion.

Bitcoin Cash (BCH) has been the best performer over the last 24 hours with a sizeable 5% gain to US$1,294.08 per token. BCH now has a market capitalisation just short of US$22 billion.

The Litecoin (LTC) price has moved higher as well, putting on a gain of 2% during the period. The popular altcoin is now priced at US$213.20, increasing its market capitalisation to US$11.8 billion.

Outside the top five things weren’t quite as positive. NEO (NEO), Cardano (ADA), and Stellar Lumens (XLM) have all sunk lower during the last 24 hours by 4%, 2.5%, and 1%, respectively.

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