Crypto traders will be breathing a sigh of relief this morning after cryptocurrencies rebounded from their heavy declines.
With strong gains being seen across the board, the value of the entire market has risen almost 6% over the last 24 hours to US$205.5 billion according to Coin Market Cap.
However, whilst this rebound has been positive, it is unclear whether this is the start of something bigger or just a dead cat bounce.
For those unfamiliar with the term, a dead cat bounce is a temporary recovery from a prolonged decline that is followed by the continuation of the downtrend.
While traders will be hoping that this isn't the case, I have yet to see any evidence of it being anything else unfortunately. In light of this, I wouldn't be surprised to see cryptocurrencies giving back these gains and more in the near future.
Here is the state of play on Thursday morning:
The Bitcoin (BTC) price is up 4.3% over the last 24 hours to US$6,388.08 per coin, lifting the crypto giant's market capitalisation to US$109.9 billion.
The Ethereum (ETH) price has jumped 8.6% since this time yesterday to US$286.06 per token, increasing its market capitalisation to just under US$29 billion.
The Ripple (XRP) price has been the best performer among the major coins over the last 24 hours with a 9% rise to 28.89 U.S. cents. The alt coin now has a market capitalisation of just under US$11.4 billion.
The Bitcoin Cash (BCH) has pushed 6% higher since this time yesterday to US$519.22. The Bitcoin spin-off's market capitalisation has lifted to almost US$9 billion following this gain.
The EOS (EOS) price has raced 8.2% higher over the period to US$4.72, lifting its market capitalisation to US$4.3 billion.
Outside the top five things were equally positive over the last 24 hours. The Stellar (XLM) price is up 3.9%, Litecoin (LTC) is 6.3% higher, Cardano (ADA) has risen 4.4%, and Monero (XMR) has surged 12.5% higher.
The only coin in the top ten (and the top 90 for that matter) in negative territory is US-dollar pegged Tether (USDT) which is down 0.4%.
