Bitcoin, Ethereum, and Ripple storm higher on Nasdaq news

It has been another mildly positive 24 hours of trade for the crypto market and small gains are being seen largely across the board this morning.

This has lifted the value of the entire market by 0.9% to US$205.3 billion according to Coin Market Cap.

What happened?

Although the end result has been a small gain, the last 24 hours have been one of the more volatile periods in recent weeks.

In the blink of an eye overnight the value of the market leapt from US$203.3 billion to US$209.5 billion. That’s a 3% move in the space of just one hour. But the gains didn’t last long and were given back almost as quickly.

It is unclear exactly what caused the sudden spike, but there was one positive development that may have caught the eye of traders.

According to Bloomberg, Nasdaq Inc. released a paper yesterday stating that it wants to help stamp out fraud in the crypto market.

As it has spent decades developing tools to police securities, currencies, and other markets, it believes it can use them to stamp out price manipulation and other scams impacting digital coins.

This may have some traders believing that Bitcoin and its peers are taking another step towards finally getting an ETF approved. This would likely lead to strong inflows of institutional money, potentially pushing crypto prices notably higher.

For now, though, here is the state of play on the market compared to 24 hours ago:

The Bitcoin (BTC) price is up 0.9% to US$6,378.97 per coin, increasing the crypto giant’s market capitalisation to US$110.7 billion.

The Ethereum (ETH) price has risen 0.7% higher to US$198.66. This gives Ethereum an improved market capitalisation of US$20.5 billion.

The Ripple (XRP) price has pushed 1.3% higher to 45.4 U.S. cents. This has lifted the XRP market capitalisation to US$18.25 billion.

The Bitcoin Cash (BCH) price is down 0.1% to US$423.42 per token. This reduces the Bitcoin spin off’s market capitalisation to US$7.4 billion.

The EOS (EOS) price is up 0.75% to US$5.25 per token, lifting the EOS market capitalisation to US$4.75 billion.

Outside the top five the gains continued. Stellar (XLM) is up 0.7%, Litecoin (LTC) is 1.1% higher, Cardano (ADA) has lifted 0.8%, Tether (USDT) is up 0.8%, and Monero (XMR) has edged slightly 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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