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Bitcoin, Ethereum, and Ripple higher after analyst claims Wall Street has called a bottom

It has been a positive 24 hours of trade for the crypto market with most major coins posting gains.

This has lifted the value of the entire market by 1.1% to US$218.4 billion according to Coin Market Cap.

Why has the crypto market pushed higher?

The market was given a lift overnight after one leading crypto analyst claimed that Wall Street has called a bottom on the Bitcoin price.

Fundstrat’s Tom Lee told CNBC that 54% of institutional investors surveyed believe the Bitcoin price has already bottomed after a 70% fall from its all-time high.

With mining costs currently around US$6,000, Lee believed it was no surprise that Bitcoin wasn’t falling lower than this level.

And when quizzed about Bitcoin reaching a new high in the future, the analyst saw no reason why this wouldn’t happen.

He pointed to the number of crypto wallets that have been opened compared to the number of credit cards in circulation as a sign of how the crypto market can still grow significantly in the future.

As most cryptocurrencies rise and fall with the Bitcoin price, this will be good news for the market as a whole if the prediction prove accurate.

How are the coins performing today?

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

The Bitcoin (BTC) price is up 1.4% to US$6,574.10, lifting its market capitalisation to just under US$113.8 billion.

The Ethereum (ETH) price is up 1.2% to US$221.72. This gain increases the ETH market capitalisation to US$22.7 billion.

The Ripple (XRP) price has climbed 1% to 52.87 U.S. cents. The popular alt coin now has a market capitalisation of US$21.1 billion.

The Bitcoin Cash (BCH) price has edged 0.15% lower to US$513.27. The Bitcoin spin off now has a market capitalisation of US$8.9 billion.

The EOS (EOS) price has pushed 2.5% higher to US$5.71. This has lifted the EOS market capitalisation to almost US$5.2 billion.

Outside the top five things were similarly positive. Stellar (XLM) rose 1.7%, Litecoin (LTC) is 1.5% higher, Cardano (ADA) has pushed 1.5% higher, and Monero (XMR) is up 0.8%. The Tether (USDT) price was the exception with a 0.4% decline.

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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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