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Crypto update: Bitcoin (BTC), Ripple (XRP), and Bitcoin Cash (BCH) rocket higher

The crypto market has managed to put its recent blip behind it and has pushed notably higher again during overnight trade.

This has taken the value of the entire crypto market up by almost 6% over the last 24 hours to US$342.2 billion according to Coin Market Cap.

Here is the state of play on Thursday morning:

The bitcoin (BTC) price has pushed 3% higher over the last 24 hours to US$8,171.23 per coin. This has lifted the world’s largest cryptocurrency’s market capitalisation to US$138.8 billion. This solid gain appears to be related to the predicted post-U.S. Tax Day rally. Experts had suggested that crypto markets could rally once Tax Day had occurred and they appear to be on the money with this one.

The Ethereum (ETH) price has climbed 3.5% during the period to US$521.88, giving Ethereum an improved market capitalisation of US$51.6 billion.

The Ripple (XRP) price has been a big mover and is up almost 8% since this time yesterday to 71.2 U.S. cents. The popular altcoin now has a market capitalisation of almost US$27.9 billion.

The Bitcoin Cash (BCH) price has been the best performer amongst the major coins with a 15.8% gain over the last 24 hours to US$880.44. The bitcoin offshoot now has a market capitalisation of US$15 billion. Bitcoin Cash was given a lift after one crypto expert suggested traders should be buying the altcoin ahead of its bigger brother.

The Litecoin (LTC) price is up 3.9% during the period to US$139.24 per coin, lifting its market capitalisation to US$7.8 billion.

Outside the top five the gains have been just as strong. At the time of writing the EOS (EOS) price is 4% higher to US$8.88, Cardano (ADA) is 3% higher to 25.8 U.S. cents, Stellar Lumens (XLM) has jumped 14.5% to 34.8 U.S. cents, NEO (NEO) is up 9.5% to US$72.42, and IOTA (MIOTA) is 7% higher to US$1.67.

What’s next?

With many market commentators declaring that the crypto bear market is over, I wouldn’t be surprised to see further gains being made over the coming days.

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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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