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Crypto update: bitcoin (BTC), Ripple (XRP), and Litecoin (LTC) rocket higher

The crypto market has had a great start to the week and pushed significantly higher overnight.

This has increased the value of the entire market by 9% since this time yesterday to US$283.5 billion.

Here is the state of play on Wednesday morning:

The bitcoin (BTC) price is up 7% over the last 24 hours to US$7,511.35 per coin. This has increased the market capitalisation of the world’s largest cryptocurrency to US$127.4 billion. The bitcoin price has been given a boost by surviving the “death cross” technical indicator at the weekend and news that Japanese online brokerage firm Monex is considering buying Coincheck. This move has been a confidence boost for the market and is being seen as a step forward in legitimising the industry. Monex’s Japan-listed shares jumped 23% on the news.

The ethereum (ETH) price has risen 9% since this time yesterday to US$418.97 per token, lifting its market capitalisation to US$41.3 billion.

The Ripple (XRP) price has been on fire during the last 24 hours and jumped 11% to 54.9 U.S. cents. This leaves the popular altcoin with a market capitalisation of US$21.5 billion.

The Bitcoin Cash (BCH) price has climbed 7.5% since this time yesterday to US$715.42, leaving it with a market capitalisation of US$12.2 billion.

The Litecoin (LTC) price has been the best performer during the last 24 hours with a 14% move higher to US$134.33. This has increased the market capitalisation of the popular altcoin to US$7.5 billion.

Outside the top five there were strong gains being seen across the board and notably for the likes of EOS (EOS), Cardano (ADA), NEO (NEO), and IOTA (MIOTA). Cardano and “China’s bitcoin”, NEO, are both up over 11% since this time yesterday as trader sentiment in altcoins becomes positive again. Time will tell how long it lasts this time.

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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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