Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, and Cardano rocket higher

The crypto market has continued its impressive run with another stunning 24 hours of trade.

This has led to strong gains being seen across the board over the period, lifting the entire value of the crypto market by a sizeable 8.7% to US$293.6 billion according to Coin Market Cap.

The catalyst for this push higher appears to news that ETF giant BlackRock is looking into the possible launch of a crypto ETF in the near future.

Traders may be betting that this will lead to significant funds flowing into crypto assets, increasing demand for coins and pushing prices higher.

Here is the state of play on Wednesday morning:

The Bitcoin (BTC) price has stormed 10% higher over the last 24 hours to US$7,346.30 per coin, lifting the crypto giant’s market capitalisation to over US$126 billion once again.

The Ethereum (ETH) price has risen 5.5% since this time yesterday to US$503.31 per token. This latest gain has increased the Ethereum market capitalisation to US$50.7 billion.

The Ripple (XRP) price has jumped 9.6% over the period to 51.7 U.S. cents, giving the popular alt coin an improved market capitalisation of US$20.3 billion.

The Bitcoin Cash (BCH) price has pushed 6.5% higher since this time yesterday to US$849.96. This has increased the Bitcoin offshoot’s market capitalisation to almost US$14.7 billion.

The EOS (EOS) price has been the biggest mover in the top five over the last 24 hours with a 10.5% gain to US$8.89. The EOS market capitalisation is now just a touch short of US$8 billion.

Outside the top five the gains were equally strong over the period. The Litecoin (LTC) price rose 7.4%, Stellar (XLM) is up 7.8%, Cardano (ADA) has rocketed 12.3%, and IOTA (MIOTA) is 6.8% higher. Stellar and Cardano were given a boost this week after CoinBase revealed it was looking at adding them to its trading platform.

Finally, U.S. dollar-pegged “stablecoin” Tether (USDT) is up 0.15% during the period after the greenback pushed higher overnight.

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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.

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