It has been a reasonably positive 24 hours of trade for the cryptocurrency market.
The majority of the top ten coins have managed to push higher during this time, increasing the entire value of the market by 1.5% to US$257 billion according to Coin Market Cap.
Here is the state of play on Tuesday morning:
The Bitcoin (BTC) price has risen 1.3% since this time yesterday to US$6,277.31 per coin. This has lifted Bitcoin’s market capitalisation to US$107.4 billion. The world’s largest cryptocurrency has now rebounded by over 7.5% since dropping to a 2018 low of US$5,835 on Sunday following the crackdown on Japanese crypto exchanges.
The Ethereum (ETH) price has climbed 0.8% over the last 24 hours to US$462.09 per token, lifting ETH’s market capitalisation to over US$46.3 billion. Ethereum has risen despite fellow coin TRON breaking free from the Ethereum network to go it alone on its newly launched mainnet.
The Ripple (XRP) price has fallen 0.4% during the last 24 hours to 48.1 U.S. cents, reducing the market capitalisation of the popular alt coin to US$18.9 billion. Recent calls for XRP to be added to the CoinBase exchange appear to have fallen on deaf ears.
The Bitcoin Cash (BCH) price is flat at US$757.80 per token, leaving the Bitcoin offshoot with a market capitalisation of US$13 billion.
The EOS (EOS) price is also flat during the last 24 hours at US$8.18. The EOS market capitalisation remains at US$7.3 billion.
Outside the top five things were as mixed as inside it. Litecoin (LTC) is up 2.1% to US$83.49, Stellar (XLM) is down 0.8% to 19.6 U.S. cents, Cardano (ADA) is up 2% to 13.6 U.S. cents, IOTA (MIOTA) has risen 2.7% to US$1.01, and TRON (TRX) is down 1.4% to 4.2 U.S. cents.
As it is near impossible for traders to value cryptocurrencies, I believe sentiment plays a big role in the direction of prices. While things have stabilised over the last couple of days, I’m not convinced sentiment has shifted enough to take prices meaningfully higher. In light of this, I think there is far more downside risk than upside potential right now.
Because of this, I would suggest investors consider buying these top growth options rather than risk hard earned money in the cryptos right now.
Renowned investor Scott Phillips just released a brand-new report detailing his 4 favourite stocks to buy right now.
And I don’t know about you, but I always pay attention when some of the best investors in the world give me a stock tip.
This is your chance to get in at the very beginning of what could prove to be very special investments.
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.