Much to the relief of traders, the crypto market has started the month of October on a positive note.
Thanks largely to gains being made by alt coins, the entire value of the market has risen 0.5% over the last 24 hours to US$222.5 billion according to Coin Market Cap.
So far the Bitcoin price has not taken off as many technical analysts have predicted, but one person that remains bullish on the crypto giant is Malta’s Prime Minister Joseph Muscat.
According to Forbes, the Maltese leaders used his United Nation’s General Assembly address to speak about cryptocurrencies and blockchain technology.
He told fellow leaders that: “I passionately believe technology revolutionizes and improves systems. This is why in Malta, we have launched ourselves as the blockchain island. By being the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies inevitable future of money. More transparent, it helps filter good business from bad business.”
Here is the state of play on Tuesday morning compared to 24 hours ago:
The Bitcoin (BTC) price has fallen 0.1% to US$6,586.48, reducing its market capitalisation to US$113.9 billion.
The Ethereum (ETH) price has risen 0.1% to US$230.53. This has lifted its market capitalisation to US$23.6 billion.
The Ripple (XRP) price has climbed 2% to 58.62 U.S. cents, lifting its market capitalisation to US$23.4 billion and putting it within touching distance of Ethereum.
The Bitcoin Cash (BCH) price has pushed 0.7% higher to US$529.58. This means the BCH market capitalisation has risen to US$9.2 billion.
The EOS (EOS) price has surged 2.7% higher to US$5.74, giving the alt coin an improved market capitalisation of US$5.2 billion.
Outside the top five things weren’t quite as positive. Although Stellar (XLM) has risen 0.6%, Litecoin (LTC) fell 0.4%, Tether (USDT) dropped 0.3%, Cardano (ADA) fell 0.1%, and Monero (XMR) also dropped 0.1%.
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.