Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and LItecoin rocket higher

The crypto market has bounced back with a bang overnight on Thursday.

This has led to the total value of the cryptocurrency market rising to US$291.1 billion according to Coin Market Cap, up over 8.5% since this time yesterday.

Here is the state of play on Friday morning:

The Bitcoin (BTC) price has pushed 6% higher over the last 24 hours to US$6,696.34 per coin, increasing its market capitalisation to US$114.5 billion. Despite concerns over price manipulation, hacking, and bearish trader sentiment, Bitcoin has managed to make a significant push higher overnight.

The Ethereum (ETH) price has stormed 10% higher to US$519.89 per token, taking ETH’s market capitalisation up to US$52 billion. Ethereum received a boost overnight when the Wall Street Journal reported that a senior U.S. Securities and Exchange Commission official has revealed that the cryptocurrency will not be regulated as a security.

The Ripple (XRP) price has surged 8.8% higher during the period to 57 U.S. cents, increasing the popular alt coin’s market capitalisation to just under US$22.4 billion.

The Bitcoin Cash (BCH) price has risen 8% since this time yesterday to US$898.12. The Bitcoin offshoot now has an improved market capitalisation of just under US$15.5 billion.

The EOS (EOS) price has been the biggest mover amongst the major coins over the period with a 13.5% gain to US$11.47. EOS now has a market capitalisation of US$10.3 billion. Traders have been piling in after the EOS blockchain network finally went live. After a successful voting process, the software which raised more than $4 billion to develop during its year-long initial coin offering (ICO) will now be accessible.

The gains have been just as strong outside the top five during the last 24 hours. Litecoin (LTC) is up 9.5%, Cardano (ADA) has risen 11.3%, Stellar (XLM) has climbed 9.8%, IOTA (MIOTA) has jumped 9.8%, and TRON (TRX) has pushed 10.5% higher.

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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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