It has been a stunning 24 hours of trade for the crypto market and strong gains are being seen across the board. In fact, only two coins in the top 100 are in negative territory this morning.
This has led to the entire value of the market rising by a sizeable 6.2% during the period to US$232.4 billion according to Coin Market Cap.
Falling short interest in Bitcoin futures and favourable technical analysis conditions appear to have been the catalyst for these gains. According to Bloomberg, the Bitcoin price has climbed for a fourth day in a row and smashed through its 50-day average. This has some traders believing that momentum will take the coin and its peers higher over the coming days.
Here is the state of play on Wednesday morning:
The Bitcoin (BTC) price has jumped 5.1% over the last 24 hours to US$7,097.63 per coin, increasing the world’s largest cryptocurrency’s market capitalisation to US$122.35 billion.
The Ethereum (ETH) price has surged 5.9% higher since this time yesterday to US$294.48 per token, taking the ETH market capitalisation up to just over US$29.9 billion.
The Ripple (XRP) price has jumped 6.7% over the period to 35.19 U.S. cents, lifting the XRP market capitalisation to just over US$13.9 billion.
The Bitcoin Cash (BCH) price has stormed 6.6% higher over the last 24 hours to US$564.99. This means the Bitcoin spin off now has a market capitalisation of just under US$9.8 billion.
The EOS (EOS) price has been the strongest performer among the major coins during the period with a 12.8% jump to US$5.86. This strong gain has increased its market capitalisation to US$5.3 billion.
Outside the top five the gains were just as strong over the last 24 hours. The Stellar (XLM) price has risen 6.4%, Litecoin (LTC) is up 8.3%, Cardano (ADA) has jumped 7.9%, and IOTA (MIOTA) is up a staggering 26.7%. The latter has now risen almost 50% since this time last week.
The only coin in the top ten (or the top 90 for that matter) is US dollar pegged Tether (USD) which is down 0.1%.
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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.