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

The crypto market went into overdrive overnight and has had a stunning 24 hours of trade with strong gains being seen across the board.

This has lifted the entire value of the market by over 5% since this time yesterday to US$299.5 billion according to Coin Market Cap.

Traders have been fighting to get hold of coins on the back of reports of institutional investor interest, speculation of a BlackRock ETF launch, and news that the U.S. SEC could approve a separate ETF next month.

In addition to this, according to CNBC, traders have been buoyed by news that South Korea has set up a government department aimed at creating policy initiatives around financial technology and cryptocurrencies.

Here is the state of play on Wednesday morning:

The Bitcoin (BTC) price has stormed 6.5% over the last 24 hours to US$8,242.58 per coin, lifting the crypto giant’s market capitalisation to US$141.5 billion.

The Ethereum (ETH) price has risen 5.1% since this time yesterday to US$475.02 per token. This gain lifts the ETH market capitalisation up to just over US$47.9 billion.

The Ripple (XRP) has climbed 1.8% over the period to 45.4 U.S. cents, giving the alt coin a market capitalisation of US$17.85 billion.

The Bitcoin Cash (BCH) price has been a strong performer over the last 24 hours and risen 7.8% to US$853.19 per token. This latest gain has given the Bitcoin spin-off a market capitalisation of US$14.7 billion.

The EOS (EOS) price has surged 6.1% higher since this time yesterday to US$8.46, lifting the popular alt coin’s market capitalisation to almost US$7.6 billion.

Outside the top five the gains were just as strong over the period.

The Stellar (XLM) price rose 5.2% to 29.96 U.S. cents, the Litecoin (LTC) price climbed 6.8% to US$88.53, the Cardano (ADA) price pushed 3% higher to 17.2 U.S. cents, and the IOTA (MIOTA) price was 2% higher at 97.4 U.S. cents.

The only coin in the top ten that was in the red was the US dollar-pegged Tether (USDT). It fell 0.1% over the last 24 hours along with the greenback.

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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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