Much to the relief of crypto traders there has been a rebound in the cryptocurrency market overnight on Sunday.
With gains being seen across the board, the entire value of the cryptocurrency market has recovered to US$391.8 billion according to Coin Market Cap.
There doesn’t appear to be a single catalyst for this rise, but I suspect bargain hunters have swooped in after bitcoin lost almost a quarter of its value last week.
Here is the state of play on Monday morning:
The bitcoin (BTC) price rebound has been a highlight during the last 24 hours. It has climbed almost 6% higher during this time to US$9,655.95 per coin. This has lifted the world’s largest cryptocurrency’s market capitalisation to US$163.3 billion, which is the equivalent of 41.2% of the entire market.
The Ethereum (ETH) price has risen 3% over the last 24 hours to US$731.41 per token. This has left ETH with a market capitalisation of almost US$71.8 billion.
Ripple (XRP) has climbed almost 3.5% since this time yesterday to 83.7 U.S. cents. This gain leaves the popular altcoin with a market capitalisation of US$32.7 billion.
The Bitcoin Cash (BCH) price has been the best performer over the last 24 hours with a sizeable 12% gain to US$1,149.71 per token. This has lifted Bitcoin Cash’s market capitalisation to almost US$19.6 billion. News that the Winklevoss twins’ cryptocurrency exchange Gemini Exchange may soon offer Bitcoin Cash appears to have been the driver of this gain.
The Litecoin (LTC) price has risen 4.5% since this time yesterday to US$191.11 per coin. The popular altcoin’s market capitalisation has risen to US$10.6 billion. Litecoin was also named as a potential addition to the Winklevoss twins’ Gemini Exchange.
Outside the top five there were solid gains from NEO (NEO), Cardano (ADA), and Monero (XMR). Each of these were up over 4% during the last 24 hours.
Traders will no doubt be hoping that the crypto market can continue this good form and put last week’s dismal performance behind it. We’ll keep you updated as things develop.
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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.