It has been a reasonably positive 24 hours of trade for the cryptocurrency market.
At the time of writing the value of the entire market has risen almost 1% during the period to US$290.1 billion according to Coin Market Cap.
Here is the state of play on Wednesday morning:
The Bitcoin (BTC) price is up 0.2% over the last 24 hours to US$6,742.70 per coin, leaving the world’s largest cryptocurrency with a market capitalisation of US$115.3 billion.
The Ethereum (ETH) price has pushed 3.2% higher since this time yesterday to US$535.11 per token. This has lifted ETH’s market capitalisation to US$53.6 billion. Yesterday brewing giant Anheuser-Busch InBev announced that it is aiming to shake up digital advertising supply chains through the use of Ethereum’s blockchain technology via the Kiip mobile marketing app.
The Ripple (XRP) price is up 0.9% during the last 24 hours to 54.5 U.S. cents, increasing the alt coin’s market capitalisation to just under US$21.4 billion.
The Bitcoin Cash (BCH) price has continued to climb higher and is up 1% since this time yesterday to US$895.45 per token. This increases the Bitcoin offshoot’s market capitalisation to just under US$15.4 billion.
The EOS (EOS) price has tumbled 0.8% lower over the last 24 hours to US$10.62, reducing the alt coin’s market capitalisation to US$9.5 billion.
Outside the top five things were equally mixed during the period. The Litecoin (LTC) price has fallen 0.5%, Stellar (XLM) has edged slightly higher, Cardano (ADA) was down 0.3%, IOTA (MIOTA) was off 1.4%, and TRON (TRX) has continued its meteoric rise with another 7% gain.
The TRON price has been surging higher this week after its founder announced that he was purchasing BitTorrent for US$140 million. BitTorrent is the company behind the popular file-sharing client uTorrent. It is unclear at this stage how TRON will be incorporated into BitTorrent’s operations but traders aren’t letting that stop them from snapping up TRX today. I would suggest traders keep their powder dry until more details are known.
Instead of buying TRON I would be looking at this next major tech 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.