It has been another positive 24 hours of trade for the crypto market and solid gains are being seen across most major coins this morning.
This has led to the value of the entire market rising 1.3% higher during the period to US$219.5 billion according to Coin Market Cap.
Why are cryptocurrencies pushing higher?
While positive trader sentiment, two-year record-low volatility, and an upcoming ETF announcement by the U.S. SEC have helped boost prices this month, this latest gain appears to relate to comments by the Overstock CEO.
According to Forbes, Overstock’s CEO, Patrick Byrne, has advised that he still expects the mass adoption of cryptocurrencies and the collapse of the current financial system.
The report states that in an interview with a prominent crypto YouTuber, Byrne said: “People turn to it where they collapse, like Venezuela or Cyprus or Syria.”
Before adding that: “given that I think the entire modern financial system is a big Keynesian, magic money tree Ponzi scheme, I do expect that the day will come when people turn to crypto.”
Though it is worth noting that Byrne does not necessarily believe Bitcoin will reign supreme. He neglected to reveal the coin which he feels will come out on top.
But for now, as you’ll see below, Bitcoin is on top and widening the gap between it and its closest rivals. Here’s the state of play this morning compared to 24 hours ago:
The Bitcoin (BTC) price is up 1.4% to US$6,535.30 per coin. This latest gain has lifted the crypto giant’s market capitalisation to US$113.5 billion.
The Ethereum (ETH) price has climbed 1.1% higher to US$217.47 per token, lifting ETH’s market capitalisation to US$22.4 billion.
The Ripple (XRP) price has pushed a further 0.25% higher to 53.3 U.S. cents. This gain increases the XRP market capitalisation to US$21.4 billion.
The Bitcoin Cash (BCH) price has climbed a further 1.6% to US$614.15 per token. This gain has increased the Bitcoin offshoot’s market capitalisation to US$10.7 billion.
The EOS (EOS) price has edged 0.1% higher to US$5.64 per token, lifting the EOS market capitalisation to just over US$5.1 billion.
Outside the top five things weren’t quite as positive. Stellar (XLM) is down 0.9%, Litecoin (LTC) has dropped 1%, Cardano (ADA) is off 0.25%, and Monero (XMR) has fallen 1%.
The only other coin in the top ten pushing higher was Tether (USDT) with a 0.25% gain.
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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.