The crypto market has had a positive start to the week with a number of major coins posting solid gains.
This has lifted the value of the entire market by 0.5% over the last 24 hours to US$212.8 billion according to Coin Market Cap.
The market was given a boost on Monday after the CEO of leading exchange Binance predicted a Bitcoin and crypto bull run in the future.
According to Forbes, Binance’s Changpeng Zhao told CNBC’s Crypto Trader program that a bull run was going to happen sooner or later.
However, the CEO couldn’t pinpoint what would cause it, telling the program: “Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen. Sooner or later, something will trigger it.”
While Changpeng Zhao may not know what the trigger will be, the chief executive of bitcoin and cryptocurrency exchange ShapeShift thinks he does.
According to the report, Erik Voorhees from Shapeshift believes that U.S. debt will be the catalyst for the next Bitcoin price surge.
He recently tweeted: “When the next global financial crisis occurs, and the world realizes organizations with US$20 trillion in debt can’t possibly ever pay it back and thus must print it instead, and thus fiat is doomed. Watch what happens to crypto.”
Time will tell whether these predictions are accurate. But for now, here is the state of play on the crypto market compared to 24 hours ago:
The Bitcoin (BTC) price has climbed 0.25% to US$6,399.43 per coin. This gain lifts the world’s largest cryptocurrency to a market capitalisation of US$111.2 billion.
The Ethereum (ETH) price has pushed 0.3% higher to US$210.72 per token. This has increased Ethereum’s market capitalisation to US$21.75 billion.
The Ripple (XRP) price is up 3.75% to 52.2 U.S. cents. This gain has lifted the XRP market capitalisation to US$21 billion.
The Bitcoin Cash (BCH) price has tumbled 2.3% to US$516.54 per token. This leaves the Bitcoin spin off with a market capitalisation of US$9 billion.
The Stellar (XLM) price has fallen 0.8% to 27.03 U.S. cents per token. This has reduced the XLM market capitalisation to US$5.1 billion.
Outside the top five things were mixed. The EOS (EOS) price has climbed 1.8%, Litecoin (LTC) is down 0.4%, Cardano (ADA) is flat, Monero (XMR) has pushed 2% higher, and Tether (USDT) has dropped 0.25%.