It certainly has been a positive weekend of trade for cryptocurrency traders.
With all but two of the top fifty coins pushing higher over the last 24 hours, the value of the entire market has surged to US$277 billion according to Coin Market Cap. This is a 3.6% gain since this time on Friday.
There doesn’t appear to have been a major catalyst for the sudden buying frenzy, but rather a series of minor positives in the industry seems to have led to improvements in trader sentiment.
Here is the state of play on Monday morning:
The Bitcoin (BTC) price has pushed 2.9% higher over the last 24 hours to US$6,802.22 per coin, lifting the world’s largest cryptocurrency’s market capitalisation to US$116.6 billion.
The Ethereum (ETH) price has been a big mover and is up 4.8% over the last 24 hours to US$491.79 per token. Ethereum now has a market capitalisation of almost US$49.5 billion.
The Ripple (XRP) price is up 3% since this time yesterday to 48.5 U.S. cents, increasing the alt coin’s market capitalisation to almost US$19.1 billion.
The Bitcoin Cash (BCH) price has been one of the best performers during the period with a 5.4% gain to US$768.02 per coin. This gain lifts the Bitcoin spin-off’s market capitalisation to US$13.2 billion.
The EOS (EOS) price has climbed 3% over the last 24 hours to US$8.77, increasing the fledgling alt coin’s market capitalisation to almost US$7.9 billion.
Outside the top five the gains were even stronger, possibly indicating that traders have an appetite for some of the smaller coins once again.
The Litecoin (LTC) price has risen 4.2%, Stellar (XLM) is up 7%, Cardano (ADA) has climbed 5.1%, and IOTA (MIOTA) has surged 6%.
The only coin in the top ten to have sunk lower is Tether (USDT) which is down 0.2%. USDT is a cryptocurrency pegged to the US dollar, which means it is less prone to wild swings like we are seeing today.
While things are looking a lot more positive for the crypto market right now, I still think this trillion dollar market would be a better place to put your money...
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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.