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

The cryptocurrency bulls are back in town and have managed to push the crypto market notably higher again over the last 24 hours.

This has led to the value of the entire market rising almost 2.5% or US$10 billion to US$430.5 billion according to Coin Market Cap.

Here is the state of play in morning trade:

The Bitcoin (BTC) price has risen 1.2% over the last 24 hours to US$9,163.71 per coin. This has lifted the world’s largest cryptocurrency’s market capitalisation to US$166.9 billion. Traders have continued to pile in despite CNBC reporting that technology investment bank GP Bullhound has warned that a 90% correction is coming within 12 months.

The Ethereum (ETH) price has climbed 1.8% since this time yesterday to US$678.82 per token, taking its market capitalisation to US$67.3 billion.

The Ripple (XRP) price has pushed 2.4% higher over the last 24 hours to 85.7 U.S. cents. The popular alt coin now has a market capitalisation of over US$33.5 billion.

The Bitcoin Cash (BCH) price has been the best performer in the top five with an 11.4% increase since this time yesterday to US$1,451.25. This brings the Bitcoin offshoot’s market capitalisation up to US$24.8 billion. News that UK-based cryptocurrency exchange London Block Exchange would allow trading of Bitcoin Cash and Ethereum Classic (ETC) appears to be the catalyst for the move.

The EOS (EOS) price has been the next best performer in the top five during the last 24 hours with a 5.7% gain to US$18.80. EOS now has a market capitalisation of over US$15.6 billion.

Outside the top five there were strong gains for Cardano (ADA), Litecoin (LTC), and IOTA (MIOTA).

In fact, IOTA has been an impressive performer and stormed a staggering 22% over the last 24 hours to US$2.31. Rumours of a partnership with Canada’s Kontrol Energy and a listing on Cobinhood appear to be behind the increase.

Will the bull run continue? Time will tell, but one thing for sure is that this next major tech boom is the real deal.

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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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