The crypto market has had a positive 24 hours of trade with gains being seen across the board on Tuesday morning.
This has lifted the value of the entire market by 2.1% to US$221.85 billion according to Coin Market Cap.
Cryptocurrencies were given a boost yesterday after CNBC host and crypto trader, Ran Neu-Ner, called a bottom on the Bitcoin price.
And, as you can see below, the host of CNBC's Cryptotrader show has tipped the Bitcoin price to explode.
I just bought Bitcoin for my parents. It's too obvious that it's about to explode…
Ran NeuNer (@cryptomanran) 7 October 2018
Neu-Ner's justification for the bullish rhetoric comes down to the potential launch of crypto ETFs in the near future.
He went on to tweet that: "Last year, around this time, BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks. This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal & requires actual purchase of BTC. 2 looming SEC decision deadlines ahead."
While I do agree that a successful ETF launch could be a catalyst to taking Bitcoin higher, I'm not convinced it will lead to the same euphoria as we saw at the end of last year. After all, many traders have experienced heavy losses from the crypto meltdown and could be unlikely to return.
Furthermore, it isn't going to be easy for an ETF to be approved by the U.S. SEC. Especially given its concerns over price manipulation and the unregulated nature of the market.
Because of this, I would suggest investors ignore the hype and continue to watch on from the safety of the sidelines for the time being.
In the meantime, here is the state of play on the crypto market this morning compared to 24 hours ago:
The Bitcoin (BTC) price is up 1% to US$6,663.90 per coin, lifting its market capitalisation to US$115.4 billion.
The Ethereum (ETH) price has risen 2.6% to US$230.44. This gives ETH a market capitalisation of US$23.6 billion.
The Ripple (XRP) price has zoomed 4% higher to 49.27 U.S. cents, giving the popular alt coin a market capitalisation of US$19.7 billion.
The Bitcoin Cash (BCH) price has climbed 3% to US$529.36. This latest gain has lifted the BCH market capitalisation to US$9.2 billion.
The EOS (EOS) price has jumped 4.3% to US$5.95, giving EOS a market capitalisation of US$5.4 billion.
Outside the top five the gains continued. Stellar (XLM) is up 2.4%, Litecoin (LTC) has pushed 3.6% higher, Cardano (ADA) is 3.9% higher, and Monero (XMR) is up 0.9%. The only coin in the top ten (and top 25) in negative territory is Tether (USDT), which is down 0.3%.
