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Broad-based crypto rally adds $8 billion to value of all coins
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Broad-based crypto rally adds $8 billion to value of all coins

Cryptocurrency prices are trading higher on Wednesday, with all major coins showing solid gains in early trading.

A single bitcoin, BTCUSD, +2.94%  the best-known cryptocurrency, was last fetching $3,832.60, up 3% since Tuesday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.

The broad-based crypto rally has added $8 billion to the total value of all cryptocurrencies over the past 24 hours.

What are the analysts saying

After a tumultuous 2018 for the crypto industry, Anthony Pompliano, founder and chief executive of Morgan Creek Digital, said the potential for further declines in crypto-asset prices means pressure on exchanges to adapt will mount. “As prices stay depressed, crypto exchanges will look for revenue growth opportunities by growing their user base in new geographies and/or adding new crypto assets,” Pompliano wrote.

“The exchanges that have not already expanded into major geographies are the ones trying to be regulatory compliant, so this process will require them to spend money and time to obtain the necessary licenses and approvals in jurisdictions like Japan, Korea, and China.”

Alts and futures both moving higher

Altcoins, the collective group of cryptocurrencies other than bitcoin, are all trading higher on Wednesday. Ether, ETHUSD, +10.10% was up 8.6% at $149.55, Litecoin LTCUSD, +3.75% gained 3.9% to $32.40, XRP, XRPUSD, +2.50% was up 2.2% at 36 cents, and Bitcoin Cash BCHUSD, +2.82% had added 3.6% to $164.80.

Bitcoin futures were tracking spot price gains on Wednesday. The Cboe Global Markets February contract XBTG9, +3.43% was up 4.1% at $3,790, and the CME Group February contract BTCG9, +3.44% was up 3.9% at $3,775.

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