This morning crypto traders have something to smile about at long last after a strong rebound in prices. In fact, only three coins in the top 100 are not in positive territory at the time of writing.
This has led to the value of the entire market rising 4.1% since this time yesterday to US$199.75 billion according to Coin Market Cap.
One catalyst for this rise could have been comments from Michael Novogratz, a former fund manager who has invested heavily in digital currencies.
He called a bottom on cryptocurrencies overnight and doesn’t appear to believe the gains are over. He tweeted that:
“I think we put in a low yesterday… retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout… we retraced the whole of the bubble.”
However, I’m not convinced that this will be the case and suspect a lot of investors have been burned by cryptocurrencies, possibly numerous times, and are unlikely to be in a rush to put their hard-earned money back into the market.
Not that the market seems to care about that today. Here is the state of play on Friday morning:
The Bitcoin (BTC) price has pushed 2.2% higher to US$6,480.15, lifting its market capitalisation to US$111.9 billion.
The Ethereum (ETH) price has stormed a massive 12.4% higher to US$204.53. This has increased its market capitalisation to US$20.85 billion.
The Ripple (XRP) price is up 3.9% to 27.88 U.S. cents. This gives the alt coin an improved market capitalisation of just under US$11.1 billion.
The Bitcoin Cash (BCH) has jumped 9.1% to US$467.81 per token, giving the Bitcoin spin off an improved market capitalisation of US$8.1 billion.
The EOS (EOS) price has surged 9.5% higher to US$5.40, lifting its market capitalisation to US$4.9 billion.
Outside the top five things were equally positive. The Stellar (XLM) price is up 2.9%, Litecoin (LTC) has risen 3.9%, Tether (USDT) has edged higher, Monero (XMR) has jumped 7.4% higher, and Cardano (ADA) is up 6.4%.
When a veritable investing and entrepreneurial genius speaks, it pays to listen.
In fact, he's now preparing a $100B "war chest" to invest entirely in this "terrifying" new technology, which could spell huge profits for investors.
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.