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Bitcoin, Ethereum, and Ripple push higher after Coinbase gives Bitcoin an early birthday present

It has been a relatively positive 24 hours of trade for the crypto market ahead of Bitcoin’s 10th birthday today.

During this time the entire value of the market has risen by 0.8% to US$202.8 billion according to Coin Market Cap.

What has been happening?

Bitcoin was given an early birthday present yesterday when San Francisco-based cryptocurrency exchange and wallet provider Coinbase announced that it has raised an additional US$300 million of investment at a valuation of over US$8 billion.

According to a release out of Coinbase, the Series E equity round was led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others.

The good news for Bitcoin is that the crypto exchange intends to use the funds “to accelerate the adoption of cryptocurrencies and digital assets.”

In order to achieve this Coinbase intends to build the infrastructure between fiat and crypto in regulated markets around the world, offer more crypto assets on its platform, launch applications for Bitcoin and cryptocurrencies, and bring institutions into crypto.

The latter will focus on adding features and crypto assets to its Custody offering in an attempt to bring more institutional funds into the space.

Unsurprisingly, news that the “Google of crypto” is putting significant funds into the development of the market has led to most major coins pushing higher today.

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

The Bitcoin (BTC) price is up 0.1% to US$6,328.10 per coin, increasing the crypto giant’s market capitalisation to US$109.8 billion.

The Ethereum (ETH) price has climbed 0.15% higher to US$196.70. This leaves Ethereum with a market capitalisation of US$20.25 billion.

The Ripple (XRP) price has pushed 0.75% higher to 44.2 U.S. cents. This has increased the XRP market capitalisation to US$17.75 billion.

The Bitcoin Cash (BCH) price is up 0.1% to US$416.82 per token. This gain means the Bitcoin Cash market capitalisation has risen to US$7.3 billion.

The EOS (EOS) price is up 0.1% to US$5.13 per token, giving EOS a market capitalisation of US$4.65 billion.

Outside the top five things were equally positive. Stellar (XLM) is up 0.4%, Tether (USDT) has risen 0.15%, Cardano (ADA) has climbed 0.25%, and Monero (XMR) is up 0.4%.

The only coin in the top ten in negative territory was Litecoin (LTC) with its 0.1% 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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