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.

This next investment boom could be even bigger than Bitcoin

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.

Click here to learn about this technology and how you can profit!

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…


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!