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Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Cardano storm higher

The crypto market has managed to bounce back overnight with solid gains being seen across the board.

This led to the value of the entire market rising to US$333.5 billion according to Coin Market Cap, which is a 3.9% increase since this time yesterday.

Here is the state of play on Friday morning:

The Bitcoin (BTC) price has climbed 2.7% over the last 24 hours to US$7,558.24. This has increased the world’s largest cryptocurrency’s market capitalisation to US$129 billion. Once again, the catalyst for this rise appears to have been a flight to safety after heavy declines on European and U.S. share markets.

The Ethereum (ETH) price has pushed 5.2% higher since this time yesterday to US$580.53 per token, lifting ETH’s market capitalisation to US$57.9 billion.

The Ripple (XRP) price has lifted 3.8% over the last 24 hours to 61.7 U.S. cents, increasing its market capitalisation to US$24.2 billion. The Ripple price was given a boost yesterday after its CEO, Brad Garlinghouse, told attendees at the Recode conference that he thought Bitcoin was the Napster of cryptocurrencies. He stated that Bitcoin “is transformative technology, but Spotify and iTunes and Pandora rule the day because they engaged with regulators to solve a real problem.”

The Bitcoin Cash (BCH) price is up 3.4% since this time yesterday to US$1,002.26 per token, increasing its market capitalisation to US$17.2 billion.

The EOS (EOS) price has been a strong performer and has pushed 4.9% higher over the last 24 hours to US$12.50. This gives EOS an improved market capitalisation of US$11.15 billion.

Outside the top five the gains were even stronger. While Litecoin (LTC) only managed a 1.9% gain, Cardano (ADA) and Stellar (XLM) both rose 9%, and IOTA (MIOTA) jumped a massive 13.3% over the last 24 hours.

The only coin in the top ten to drop lower was TRON (TRX) with a 1% decline to 6.1 U.S. cents. TRON parted with Ethereum yesterday and successfully launched its own network, MainNet.

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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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