Much to the delight of crypto traders, the cryptocurrency market bounced back to life overnight with solid gains being seen across the board.
This led to the value of the entire market rising 2.8% over the last 24 hours to US$288 billion according to Coin Market Cap.
The catalyst for this gain appears to be the decision by New York’s Department of Financial Services to grant payment company Square a virtual currency license, allowing its users to trade Bitcoin in the state through its Cash app.
According to CNBC, the Bitcoin price spiked after the announcement was made.
If the license is extended across the country it could bring Bitcoin trading to the masses. At present the Cash app has an estimated 7 million users.
Here is the state of play on Tuesday morning:
The Bitcoin (BTC) price has risen 3.2% since this time yesterday to US$6,749.08 per coin, increasing the world’s largest cryptocurrency’s market capitalisation to US$115.4 billion.
The Ethereum (ETH) price has climbed 3.3% over the last 24 hours to US$518.98 per token. This gives ETH an improved market capitalisation of US$52 billion.
The Ripple (XRP) price is up 2% during the period to 54.1 U.S. cents, lifting the poplar alt coin’s market capitalisation to just over US$21.2 billion.
The Bitcoin Cash (BCH) price has been the biggest moving major coin over the last 24 hours and is up 4.1% to US$887.66 per token. This gives the Bitcoin spin-off an improved market capitalisation of just over US$15.2 billion.
The EOS (EOS) price has pushed 1.8% higher over the last 24 hours to US$10.71, increasing the alt coin’s market capitalisation to US$9.6 billion.
It was a similar story outside the top five during the last 24 hours. Litecoin (LTC) is up 2.8% to US$99.51, Stellar (XLM) was 0.6% higher, Cardano (ADA) increased 1.5%, IOTA (MIOTA) is up 0.9%, and TRON (TRX) increased by a sizeable 6%.
But if you think the gains from cryptos have been strong, then wait until you see what could be on offer from this next investment boom.
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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.