Much to the relief of traders, the crypto market has rebounded strongly during the last 24 hours.
This has led to the entire value of the market rising 3.4% since this time yesterday to US$198.1 billion according to Coin Market Cap.
The main catalyst for this gain appears to have been a sharp rise by the Ripple price. It has rocketed higher after the company behind the coin advised that it could soon launch a commercial application of its cryptocurrency-focused product.
A Ripple executive has told CNBC that a launch of its xRapid product could be “in the next month or so.”
The xRapid product aims to help banks speed up transactions by using the XRP cryptocurrency. It acts as a bridge between currencies, allowing payment providers and banks to process faster cross-border transactions.
As you’ll see below, this positive news seems to have rubbed off on the rest of the coins today. Here’s the state of play compared to 24 hours ago:
The Bitcoin (BTC) price is up 1.1% to US$6,344.49 per coin, lifting its market capitalisation to US$109.6 billion.
The Ethereum (ETH) price has jumped 5.9% to US$208.51 per token. This has given ETH an improved market capitalisation of US$21.3 billion.
The Ripple (XRP) price has been the real standout performer with an 18% rise to 31.84 U.S. cents. This strong gain lifts the XRP market capitalisation to US$12.7 billion.
The Bitcoin Cash (BCH) price has pushed 3.9% higher to US$431.41. This gives the Bitcoin spin off a market capitalisation of US$7.5 billion.
The EOS (EOS) price is up 5.3% to US$5.08, giving EOS an improved market capitalisation of US$4.6 billion.
Outside the top five things were similarly positive. Stellar (XLM) has risen 5.4%, Litecoin (LTC) is up 3.1%, Monero (XMR) has climbed 1.8% higher, and Cardano (ADA) has jumped 7%. The Tether (USDT) price was the only one in the top ten to drift lower. It fell 0.3% over the last 24 hours.
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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.