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.

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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.

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