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%.
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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.