MENU

Bitcoin, Ripple, and Ethereum rocket higher as crypto market jumps 16%

It has been a stunning 24 hours of trade for the crypto market and strong gains are being seen across the board on Thursday morning.

The rampant buying has lifted the value of the entire market by a whopping 16% since this time yesterday to US$141.8 billion according to Coin Market Cap.

Why are cryptocurrencies rocketing higher?

While a rebound in prices was always going to be a possibility after such a sharp drop over the last few weeks, the timing is quite surprising.

Yesterday the head of the U.S. Securities and Exchange Commission warned that a much-anticipated Bitcoin exchange-traded fund (ETF) was unlikely any time soon.

According to Forbes, U.S. SEC chairman Jay Clayton explained that the lack of investor protection was largely why it was unlikely the agency would be approving such an ETF in the near future.

In theory this should be a blow for the market as many had hopes that an ETF would lead to institutional money flooding into the market and lifting prices higher.

So what drove prices higher?

The likely catalyst for this gain was news that Nasdaq intends to push ahead with plans to launch Bitcoin futures despite the recent collapse in prices.

The world’s second-largest stock exchange will team up with VanEck to launch a Bitcoin futures product in the first quarter of 2019.

How long these gains last, only time will tell. But for now, here’s the state of play on the market compared to 24 hours ago:

The Bitcoin (BTC) price has jumped 15.7% to US$4,352.07 per coin. This has lifted the crypto giant’s market capitalisation to US$75.7 billion.

The Ripple (XRP) price is up 13.8% to 39.79 U.S. cents. This gain has increased the XRP market capitalisation to US$16 billion.

The Ethereum (ETH) price has stormed 16.6% higher to US$106.84 per token. The ETH market capitalisation has lifted to US$11.05 billion following this gain.

The Bitcoin Cash (BCH) price has jumped 11.5% to US$196.08, lifting the Bitcoin offshoot’s market capitalisation to US$3.4 billion.

The Stellar (XLM) price is up 17.4% to 16.5 U.S. cents. This gain increases Stellar’s market capitalisation to just under US$3.2 billion.

Outside the top five the strong gains continued. EOS (EOS) is up 12.9%, Litecoin (LTC) is 18% higher, Tether (USDT) is up 1.7%, Bitcoin SV (BSV) has risen 0.7%, and Cardano (ADA) has rocketed 21.5% higher.

Top 3 ASX Blue Chips To Buy For 2019

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked…

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of The Motley Fool’s Top 3 Blue Chip Stocks for 2019.

Each one pays a fully franked dividend. The names of these Top 3 ASX Blue Chips are included in a specially prepared FREE report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

See the 3 blue chip stocks

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.