Crypto update: Bitcoin (BTC), Ripple (XRP), and Cardano (ADA) race higher

The cryptocurrency market has continued its solid run during overnight trade. This has increased the value of the entire market to US$343.7 billion according to Coin Market Cap.

Here is the state of play on Wednesday morning:

The bitcoin (BTC) price has pushed almost 5.5% higher during the last 24 hours to reach US$8,881.99 per coin. This has taken the bitcoin market capitalisation to approximately US$150.4 billion. The catalyst for this gain appears to be a “very productive” G-20 meeting relating to cryptocurrencies. According to MarketWatch, the meeting was constructive and the governors agreed that the G-20 doesn’t need to ban cryptocurrencies.

The Ethereum (ETH) price has risen 3% since this time yesterday to US$555.41 per token, increasing the popular altcoin’s market capitalisation to US$54.6 billion. Ethereum and its fellow altcoins were given a boost yesterday after a note out of Fundstrat Global Advisors told clients that the bear market for altcoins is over.

The Ripple (XRP) price has continued its solid run and has climbed a further 4% over the last 24 hours to 71.34 U.S. cents. This has taken Ripple’s market capitalisation to US$27.9 billion.

The Bitcoin Cash (BCH) price has jumped 8.5% since this time yesterday to US$1,049.58 per token, lifting the bitcoin spin-off’s market capitalisation to US$17.9 billion.

The Litecoin (LTC) price has been another big mover during the last 24 hours, rising over 8% to US$169.56 per coin. This has increased Litecoin’s market capitalisation to just under US$9.5 billion.

Outside the top five the gains were even stronger. Cardano (ADA), NEO (NEO), Stellar (XLM), EOS (EOS), IOTA (MIOTA) are all up over 13% since this time yesterday as traders return en masse to altcoins.

Foolish Takeaway.

Things are starting to look positive again for the cryptocurrency market after last week’s horror show. Time will tell whether it lasts long enough to take bitcoin beyond the US$10,000 mark again, but it does admittedly look like a possibility.

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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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