The cryptocurrency market has bounced back to life during overnight trade.
All the ten-largest coins have pushed notably higher as traders snap them up amid turmoil in financial markets due to political developments in Italy.
This has lifted the entire value of the cryptocurrency market to US$329.1 billion according to Coin Market Cap, up 6.6% since this time yesterday.
Here is the state of play on Wednesday morning:
The Bitcoin (BTC) price is up 4.5% over the last 24 hours to US$7,512.47 per coin. This has lifted the market capitalisation of the world’s largest cryptocurrency to US$128.2 billion.
The Ethereum (ETH) price has surged 9% higher since this time yesterday to US$569.34 per token, increasing its market capitalisation to US$56.8 billion.
The Ripple (XRP) price has risen almost 7% during the period to 60.7 U.S. cents. This has lifted the market capitalisation of the popular alt coin to US$23.8 billion.
The Bitcoin Cash (BCH) price has jumped 10% over the last 24 hours to US$998.55 per token. The Bitcoin spin-off now has a market capitalisation of US$17.1 billion.
The EOS (EOS) price has climbed 2.3% since this time yesterday to US$12.25. This gain lifts the EOS market capitalisation to US$10.9 billion.
Outside the top five the gains were even stronger over the last 24 hours. The Litecoin (LTC) price has risen 6.7%, Cardano (ADA) is up 15.7%, Stellar (XLM) is 9.8% higher, IOTA (MIOTA) is up 16.3%, and TRON (TRX) has pushed 4.6% higher.
I think that the political turmoil in Italy could be exactly what the cryptocurrency market needed to stop its rot. However, I do think it could be a little too soon to know whether the selling has ended now.
I would suggest that traders play it safe and wait to see how cryptocurrencies perform over the next few days before considering jumping in.
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.