The crypto market has had a positive start to the week with gains being seen across the board on Monday afternoon.
This has led to the entire value of the market rising US$8 billion or 2.9% since this morning to US$289.9 billion according to Coin Market Cap.
Here is the state of play this afternoon:
The Bitcoin (BTC) price has risen 3.3% since this time yesterday to US$7,650.96. Bitcoin has been on a strong run since this time last week due to speculation that ETF giant BlackRock could be on the verge of launching a Bitcoin or crypto themed product.
The Ethereum (ETH) price has climbed 1.2% over the last 24 hours to US$468.23. Ethereum has been reasonably quiet of late and has generally risen or fallen with the market.
The Ripple (XRP) price has pushed 2.1% higher during the period to 46.2 U.S. cents. Traders have continued to buy XRP despite it being overlooked by the CoinBase exchange once again.
The Bitcoin Cash (BCH) price has surged 4.4% higher over the last 24 hours to US$822.61 per token. This latest gain means Bitcoin Cash has added US$100 or 13.8% to its price in the space of a week.
The EOS (EOS) price is up 3.3% since this time yesterday to US$8.33. Traders appear be bullish on the alt coin again after a few issues caused by its move to its Mainnet.
Outside the top five there have been gains for Stellar (XLM), Litecoin (LTC), Cardano (ADA), and IOTA (MIOTA).
Cardano (ADA) has been the star performer with a 6.5% gain to 17.75 U.S. cents, meaning its price has risen a massive 24.5% since this time last week.
Traders have been fighting to get hold of Cardano and Stellar after they were named as two potential new additions to the CoinBase platform.
Tether (USDT) is the only coin in the top ten in the red, but it moves with the U.S. dollar and not the rest of the market.
Things certainly are looking positive for the crypto market at present, especially after it recovered strongly from a profit taking selloff on Friday.
If sentiment remains strong then I believe there’s a good chance that the market will move higher over the coming days. However, let’s not forget that sentiment can shift very quickly in the crypto market.
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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.