It has been a very positive 24 hours of trade for the crypto market with solid gains being seen across the board this morning.
This has increased the value of the entire market to US$216.7 billion according to Coin Market Cap, which is a 2.4% increase from this time yesterday.
Why is the crypto market pushing higher?
Traders may have responded positively to a report on Bloomberg comparing cryptocurrencies to railroad stocks in the 19th century and the dot-com crash of 2000-2002.
The report has suggested that the market crash that has been exhibited this year could be exactly what cryptocurrencies need to take the next step forward.
It states that: “Railroad stocks collapsed after a bubble in the 19th century, but still the railroad continued to transform our world. Internet stocks plunged in the dot-com crash of 2000-2002, but that in turn cleaned out the bad companies and paved the way for the subsequent tech revolution, including the rise of Amazon and Google.”
In addition to this, traders may have been piling into the market ahead of a decision out of the U.S. SEC on nine crypto ETFs. The deadline for submissions was the start of the week, meaning a decision could be made any day now.
Here are how prices are faring on Wednesday morning compared to 24 hours ago:
The Bitcoin (BTC) price is up 0.4% to US$6,444.80 per coin. This has lifted the crypto giant’s market capitalisation to US$111.9 billion.
The Ethereum (ETH) price has pushed 3% higher to US$213.81 per token. This gain has lifted Ethereum’s market capitalisation to US$22 billion.
The Ripple (XRP) price has continued its strong run and is up a further 9.2% to 52.7 U.S. cents. This has lifted the XRP market capitalisation to US$21.2 billion.
The Bitcoin Cash (BCH) price has surged 8.3% higher to US$600.01 per token. This has increased the Bitcoin spin off’s market capitalisation to US$10.5 billion.
The EOS (EOS) price is up 3.6% to US$5.63 per token, lifting the EOS market capitalisation to US$5.1 billion.
Outside the top five things were just as positive. The Stellar (XLM) price is up 6.4%, Litecoin (LTC) is 2.3% higher, Cardano (ADA) has climbed 3.6%, Monero (XMR) is up 2%, and Tether (USDT) has edged ever so slightly higher.
While things are looking positive for Bitcoin and its peers right now, things could change very quickly. Because of this, I still think this tech option is a better place to invest your money.
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.