Cryptocurrency traders will be delighted to see that crypto markets have managed to build on yesterday's strong start to the week with another move higher during trade on Tuesday.
This has increased the value of the entire crypto market to US$328.9 billion according to Coin Market Cap.
A key driver of this improvement has been the performance of the bitcoin (BTC) price over the last 24 hours. During this time it has increased a further 3% to US$8,528.94, lifting its market capitalisation to US$144.4 billion.
This means that bitcoin now accounts for approximately 44% of the entire cryptocurrency market.
The driver of this gain appears to be improved trader sentiment following comments from Bank of England governor Mark Carney.
According to the Express, on the eve of the G20 meeting, he told G20 central bankers that the "FSB's initial assessment is that crypto-assets do not pose risks to global financial stability at this time."
What about other coins?
While bitcoin's performance was positive it paled in comparison to some of the gains being made in the market on Tuesday.
The biggest highlight, in my opinion, would have to be the performance of the Cardano (ADA) price. It is up a massive 15% during the last 24 hours to 18.9 U.S. cents.
Incredibly, this means Cardano has now risen a staggering 48.2% since hitting a low of 12.75 U.S. cents in the early hours of Monday morning.
There doesn't appear to be a single catalyst for Cardano's move higher, so I suspect this gain is likely to be a case of bargain hunters swooping in after its sizeable decline.
The big question now will be can Cardano hold onto these gains? Considering the volatility in the industry at the moment this is close to impossible to predict. However, if sentiment remains positive in the industry then I believe there's a good chance that Cardano could not only hold onto its gains, but also move higher.
But due to the high risks involved in trading cryptocurrencies, especially during this heightened volatility, I intend to watch on from the safety of the sidelines.
