Much to the relief of cryptocurrency traders, the crypto market has rebounded from its horrific weekend.
With sizeable gains being seen across the board, the value of the entire market has recovered to US$323 billion according to Coin Market Cap.
This time yesterday the market value stood at US$283.5 billion, meaning it has rebounded an impressive 14% over the last 24 hours.
This appears to have been driven by bargain hunters and came despite one analyst tipping the bitcoin (BTC) price to fall to US$2,800 per coin and Morgan Stanley comparing it to the NASDAQ's dot-com bubble.
According to CNBC, analysts at Morgan Stanley think that the cryptocurrency is behaving like how the NASDAQ did during the dot-com bubble almost two decades ago, but the timeline is unfolding around 15 times faster.
Here is the state of play on Tuesday morning:
The bitcoin (BTC) price is up 12% since this time yesterday to US$8,434.15 per coin, increasing its market capitalisation to US$142.8 billion.
The Ethereum (ETH) price has put on a gain of 9.5% over the last 24 hours to reach US$538.97. This gives the world's second-largest cryptocurrency a market capitalisation of US$53 billion.
The best performer amongst the major coins has been the Ripple (XRP) price. It is up 18% since this time yesterday to 68.4 U.S. cents, giving it a market capitalisation of US$26.7 billion.
Bitcoin Cash (BCH) has been a big mover as well, rising 11% over the last 24 hours to US$966.75 per token. This increased the bitcoin spin-off's market capitalisation to US$16.5 billion.
The Litecoin (LTC) price has climbed 10% during the period to US$156.79, increasing its market capitalisation to US$8.7 billion.
Outside the top five the gains were even greater with the likes of Cardano (ADA) up 29% to 17.8 U.S. cents, NEO (NEO) up 20% to US$66.98, and Stellar (XLM) up 25% to 23.2 U.S. cents.
With sentiment improving greatly this week, cryptocurrency traders will no doubt be optimistic that the run can continue during trade on Tuesday.
