The crypto selloff finally came to an end overnight and gains are being seen across the board this morning.
This has led to the value of the entire market rising 3.2% over the last 24 hours to US$229.8 billion according to Coin Market Cap.
There doesn’t appear to have been a real catalyst for the rebound. Instead, it looks as though technical analysis has shown the market to have been oversold and led to bargain hunters swooping in.
This was supported by cryptocurrency hedge fund manager Dan Morehead who told CNBC that the market had overreacted to news of the Bitcoin ETF decision being delayed by the U.S. Securities and Exchange Commission.
Here is the state of play on Friday morning:
The Bitcoin (BTC) price has rebounded 2.9% higher over the last 24 hours to US$6,528.56 per coin. This has lifted the world’s largest cryptocurrency’s market capitalisation to US$112.3 billion.
The Ethereum (ETH) price has climbed 1.1% higher since this time yesterday to US$364.63, lifting its market capitalisation to US$36.9 billion.
The Ripple (XRP) price is up a sizeable 3.7% over the period to 34.86 U.S. cents. This gives the alt coin an improved market capitalisation of US$13.7 billion.
The BitcoinCash (BCH) price has rebounded 2.4% higher since this time yesterday to US$606.91. The Bitcoin spin off now has a market capitalisation of US$10.5 billion.
The EOS (EOS) price has zoomed 4.1% higher during the last 24 hours to US$5.88, lifting its market capitalisation to US$5.3 billion.
Outside the top five the gains were just as strong. This led to the Stellar (XLM) price rising 9.5%, Litecoin (LTC) climbing 1.6%, Cardano (ADA) jumping 8%, Tether (USDT) edging 0.1% higher, and IOTA (MIOTA) pushing 5.4% higher.
It certainly will be interesting to see how the market fares over the weekend. But as tempting as it is to get in at this level, I would suggest investors continue to watch on from the safety of the sidelines.
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.