MENU

Bitcoin, Ethereum, Ripple, and Bitcoin Cash storm higher on Bitmain IPO news

Much to the relief of cryptocurrency traders, the crypto market has rebounded strongly from yesterday’s selloff. At the time of writing there are just two coins in the top fifty that are not in positive territory.

With many of the leading coins posting strong gains, the entire value of the market has surged 3.8% higher over the last 24 hours to US$216.8 billion according to Coin Market Cap.

According to Forbes, today’s gains are likely to be attributable to news that crypto mining company Bitmain has filed for an IPO in the United States.

The filing of its prospectus opened the door to the accounts of one of the world’s largest crypto miners.

Traders appear to have liked what they saw, and I can’t say I’m surprised. Bitmain revealed that it has generated US$700 million of profit during the six months ending June 2018.

One coin that has performed better than most today is Bitcoin Cash (BCH). This is likely to be due to Bitmain’s connection with the crypto asset and the belief that some of the money raised from the IPO will go towards developing it further.

Here is the state of play on Thursday morning compared to 24 hours ago:

The Bitcoin (BTC) price is up 1.9% to US$6,531.31 per coin, lifting its market capitalisation to US$112.9 billion.

The Ethereum (ETH) price has climbed 2% to US$219.11 per token. This lifts ETH’s market capitalisation to US$22.4 billion.

The Ripple (XRP) price has surged 13% higher to 52.69 U.S. cents, lifting the XRP market capitalisation to US$21 billion.

The Bitcoin Cash (BCH) price has been the star of the show with a 22.5% gain to US$534.99. The Bitcoin spin-off now has a market capitalisation of US$9.3 billion.

The EOS (EOS) price is up 4.7% to US$5.64, lifting the alt coin’s market capitalisation to US$5.1 billion.

Outside the top five things were equally positive. Stellar (XLM) is up 2.1%, Litecoin (LTC) has risen 2.4%, Tether (USDT) is up 0.35%, Cardano (ADA) is 2.8% higher, and Monero (XMR) has pushed 0.7% higher.

Forget Bitcoin, this top Australian Stock Picker Just Issued Rare “Double Down” Buy Alert

Discover why this legendary Australian stock-picker just issued a “Double Down” buy alert to his exclusive group of insiders… and why he’s convinced this might be the single most attractive entry point for years to come.

Simply click here to get started and access our secure sign-up page.

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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!