It has been a stunning 24 hours of trade for the cryptocurrency market.
With strong gains being seen across the board, the entire value of the crypto market has risen to US$270.5 billion according to Coin Market Cap. This is a gain of almost 5.5% since this time yesterday.
Here is the state of play on Tuesday morning:
The Bitcoin (BTC) price has risen 3.7% over the last 24 hours to US$6,615.80 per coin, lifting the world’s largest cryptocurrency’s market capitalisation to US$113.3 billion. As I mentioned here yesterday, one leading crypto expert tipped the Bitcoin price to climb as high as US$50,000 per coin by the end of the year. This may have sparked a bit of life into the market overnight.
The Ethereum (ETH) price has surged 4.5% higher since this time yesterday to US$473.99 per token. This has increased ETH’s market capitalisation to just over US$47.6 billion.
The Ripple (XRP) price has been a big mover and stormed 5.6% higher over the period to 48.6 U.S. cents. This gain means that XRP’s market capitalisation has now rebounded to almost US$19.1 billion.
The Bitcoin Cash (BCH) price has also rebounded strongly and is up 5.3% since this time yesterday to US$777.96 per token. The Bitcoin spin off now has a market capitalisation of US$13.4 billion.
The EOS (EOS) price has been the biggest mover amongst the major coins over the last 24 hours with a massive 10.5% gain to US$8.97 per token. This has lifted the EOS market capitalisation to just over US$8 billion. Traders appear to think EOS is cheap after recent declines.
Outside the top five the gains were even stronger as traders fought to get hold off beaten down alt coins.
The Litecoin (LTC) price has risen 6.5%, Cardano (ADA) is up 11.5%, Stellar (XLM) has pushed 6.3% higher, and IOTA (MIOTA) has been the best performer with an 11.9% gain.
The tenth largest cryptocurrency, Tether (USDT), is the only coin in the top 30 that hasn’t been able to push higher during this time. It is down 0.3% since this time yesterday.
Bitcoin certainly is booming this week, but I would still invest in this major tech opportunity ahead of it.
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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.