Motley Fool Australia » Cryptocurrencies » Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, and Litecoin rocket higher

The crypto market went into overdrive overnight and has had a stunning 24 hours of trade with strong gains being seen across the board.

This has lifted the entire value of the market by over 5% since this time yesterday to US$299.5 billion according to Coin Market Cap.

Traders have been fighting to get hold of coins on the back of reports of institutional investor interest, speculation of a BlackRock ETF launch, and news that the U.S. SEC could approve a separate ETF next month.

In addition to this, according to CNBC, traders have been buoyed by news that South Korea has set up a government department aimed at creating policy initiatives around financial technology and cryptocurrencies.

Here is the state of play on Wednesday morning:

The Bitcoin (BTC) price has stormed 6.5% over the last 24 hours to US$8,242.58 per coin, lifting the crypto giant’s market capitalisation to US$141.5 billion.

The Ethereum (ETH) price has risen 5.1% since this time yesterday to US$475.02 per token. This gain lifts the ETH market capitalisation up to just over US$47.9 billion.

The Ripple (XRP) has climbed 1.8% over the period to 45.4 U.S. cents, giving the alt coin a market capitalisation of US$17.85 billion.

The Bitcoin Cash (BCH) price has been a strong performer over the last 24 hours and risen 7.8% to US$853.19 per token. This latest gain has given the Bitcoin spin-off a market capitalisation of US$14.7 billion.

The EOS (EOS) price has surged 6.1% higher since this time yesterday to US$8.46, lifting the popular alt coin’s market capitalisation to almost US$7.6 billion.

Outside the top five the gains were just as strong over the period.

The Stellar (XLM) price rose 5.2% to 29.96 U.S. cents, the Litecoin (LTC) price climbed 6.8% to US$88.53, the Cardano (ADA) price pushed 3% higher to 17.2 U.S. cents, and the IOTA (MIOTA) price was 2% higher at 97.4 U.S. cents.

The only coin in the top ten that was in the red was the US dollar-pegged Tether (USDT). It fell 0.1% over the last 24 hours along with the greenback.