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It has been a stunning 24 hours of crypto market and Thursday morning.
The rampant buying has increased 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?
The time 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 because it was unlikely the agency would be approving an ETF in the near future.
In theory this should be a blow to the market as an ETF
So what drove prices higher?
Bitcoin futures despite the recent collapse in prices.
The world's second largest stock exchange will team up with VanEck to launch at Bitcoin futures.
Last long, 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 capitalization 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 capitalization to US $ 16 billion.
The Ethereum (ETH) price has stormed 16.6% higher to US $ 106.84 per token. The ETH market capitalization 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 capitalization 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 capitalization 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.
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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 different ranges of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorized by Scott Phillips.
