Bitcoin, Ether Go Up, Cryptocurrency Market Gains $40 Billion in 2 Days

While the Bitcoin price is going to steal all the headlines for the 4.8% gain over the last 24 hours, there is another set of cryptocurrencies that have gone up.

No less than seven of the top ten cryptocurrencies have carved out double-digit gains during this time as traders fight to get hold of beaten down alt coins.

This has led to the Ripple (XRP) price rising 11.3%, BitcoinCash (BCH) climbing 10.8%, EOS (EOS) surging 14.3%, Litecoin (LTC) storming 11.6%, Cardano (ADA) pushing 15.7% higher, Stellar (XLM) jumping 11.6%, and IOTA (MIOTA) rocketing 12.4%.

The only coin in the top ten (and the top 40 for that matter) that isn’t in positive territory today is Tether (USDT). It has missed out on these sizeable gains and has edged lower.

Previously, even in strong corrective rallies, analysts stated that due to the low volume, regardless of the optimistic momentum indicators, oscillators, and moving averages, the cryptocurrency market cannot find a firm base to surge up in value.

This week, the cryptocurrency market saw a solid increase in volume and two stable days in terms of value and volume, leading investors to become more optimistic regarding the short-term trend of digital assets.

The gain appears to be related to the release of a research paper from the European Parliament which has given cryptocurrencies a surprise tick of approval.

The paper states that:

“Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development.”