Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Litecoin bounce back

Traders will be relieved to learn that the cryptocurrency market bounced back overnight and gains can be seen across the board.

This has lifted the value of the entire market to US$346.2 billion according to Coin Market Cap, up 1.5% since this time yesterday.

Here is the state of play on Wednesday morning:

The Bitcoin (BTC) price has risen 1.5% over the last 24 hours to US$7,636.04 per coin, lifting the world’s largest cryptocurrency’s market capitalisation to US$130.4 billion. Bitcoin came under heavy selling pressure yesterday after Google Trends data revealed that web searches for “Bitcoin” have fallen 75% since the start of the year and have halved in just the last three months.

The Ethereum (ETH) price has pushed 2.4% higher since this time yesterday to US$609.22 per token, increasing ETH’s market capitalisation to US$60.9 billion. Ethereum has also seen the number of Google searches decline 70% since early in 2018.

The Ripple (XRP) price has bounced back by 2.4% over the period to 68.1 U.S. cents, lifting the popular alt coin’s market capitalisation to US$26.7 billion. Ripple was the worst offender in the Google Trends data, with searches for “Ripple” down a massive 87% since early in 2018.

The Bitcoin Cash (BCH) price has pushed 4% higher over the last 24 hours to US$1,156.71 per token. This gives the Bitcoin spin off an increased market capitalisation of almost US$19.9 billion.

The EOS (EOS) price has risen 3.9% since this time yesterday to US$14.23. EOS now has a market capitalisation of over US$12.7 billion.

Outside the top five the gains weren’t quite as strong over the last 24 hours. The Litecoin (LTC) price rose 1.1%, Cardano (ADA) is up 2.6%, Stellar (XLM) is 0.4% higher, IOTA (MIOTA) has climbed 2.2%, and TRON (TRX) has pushed 2.2% higher.

What’s next?

Whilst it is great to see the market pushing higher overnight despite the negative news around Google search numbers, I wouldn’t get your hopes up just yet. I would suggest traders continue to sit on the sidelines as these gains could easily be wiped out by this time tomorrow judging by the negative sentiment in the market right now.

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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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