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Crypto update: Bitcoin (BTC) and Ripple (XRP) storm higher

It has been another positive 24 hours for cryptocurrency markets. Eight of the ten largest cryptocurrencies have pushed higher since this time yesterday, increasing the value of the entire market to US$471.4 billion according to Coin Market Cap.

Here’s the state of play on Tuesday morning:

The bitcoin (BTC) price has added 2.5% to its value during the last 24 hours and is priced at US$11,687.90 per coin. This has lifted the world’s largest cryptocurrency’s market capitalisation to US$197.5 billion, which is the equivalent of 41.9% of the total market. Bitcoin is rapidly closing in on a move beyond the US$12,000 mark for the first time in around six weeks.

The ethereum (ETH) price has failed to follow the market higher and is down almost 1% since this time yesterday to US$858.67 per token. This has reduced ethereum’s market capitalisation to just under US$85.2 billion. Trading volumes for ethereum have been dwindling over the last few weeks, possibly indicating that traders have lost interest or think its price has peaked.

The Ripple (XRP) price has been the best performer over the last 24 hours with a 4.5% gain to 99.4 U.S. cents, lifting its market capitalisation to US$38.4 billion. The popular altcoin climbed as high as US$1.08 at one stage overnight amid speculation that CoinBase would add it to its trading platform in the near future.

The Bitcoin Cash (BCH) price has climbed almost 1% higher since this time yesterday to US$1,283.44 per token. This has increased the bitcoin spin-off’s market capitalisation to US$21.8 billion. BCH has also experienced a decline in trading volume of late, with volumes down 25% since this time last week.

Finally, the litecoin (LTC) price has lifted 0.5% over the last 24 hours to US$212.50 per coin, giving the altcoin a market capitalisation of US$11.8 billion. Litecoin’s founder has tipped it to overtake BCH this year to become the fourth-largest cryptocurrency in the world. Progress has certainly been slow.

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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 Scott Phillips.

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