The crypto market has bounced back strongly from yesterday's selloff and solid gains are being seen across the board this morning.
This has lifted the value of the entire market by 2.6% to just a touch under US$300 billion according to Coin Market Cap.
The market tumbled notably lower yesterday after the Winklevoss twins' Bitcoin ETF was rejected by the U.S. Securities and Exchange Commission.
The potential launch of a Bitcoin ETF's had given cryptocurrencies a big lift over the last couple of weeks, with traders expecting it to attract additional funds to the market and lift demand for crypto assets. Because Bitcoin has a fixed supply, this increased demand would be likely to push up prices.
But the U.S. Securities and Exchange Commission's denied the Winklevoss twins' proposal on Thursday and highlighted issues with security, market manipulation, and investor protection issues.
Judging by the reaction since the selloff, traders may be feeling a little more optimistic on the prospects of another Bitcoin ETF handled by VanEck. A decision on this proposal is expected in the next few months.
Here is the state of play on Saturday morning:
The Bitcoin (BTC) price has climbed 2.5% over the last 24 hours to US$8,251.84 per coin, lifting its market capitalisation to US$141.7 billion.
The Ethereum (ETH) price has risen 1.1% over the period to US$472.83 per token, increasing the ETH market capitalisation to just over US$47.7 billion.
The Ripple (XRP) price has climbed 1.1% since this time yesterday to 45.8 U.S. cents. This gives the alt coin a market capitalisation of US$18 billion.
The Bitcoin Cash (BCH) has risen 2.2% over the last 24 hours to US$829.11. The Bitcoin spin-off now has a market capitalisation of US$14.3 billion.
The EOS (EOS) price has pushed 1.3% higher over the period to US$8.49, giving the fledgling alt coin a market capitalisation of US$7.6 billion.
Outside the top five Stellar (XLM) rose a solid 4.2%, Litecoin (LTC) climbed 0.2%, Cardano (ADA) rose 1.4%. Both IOTA (MIOTA) and Tether (USDT) failed to follow the market higher with declines of 0.4% and 0.1%.
