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Bitcoin Tops $9,300; Cryptocurrencies Rally for 8th Consecutive Day

Investing.com

Investing.com - Cryptocurrencies traded higher for an eighth-consecutive session on Monday as Bitcoin breaks above $9,300.

Cryptocurrencies overall were higher, with the total coin market capitalization at $289.63 billion by 10:56 AM ET (14:56 GMT), compared to $282.36 billion a day earlier. From $244.33 billion on June 9, total market cap for the digital assets has pocketed an eight-day rally that has added 18.5% to its value.

Bitcoin, the largest alt coin by market cap, has led that charge passing from around $7,600 to its current levels. It was last up 1.2% at $9,328.7.

Among its closest rivals, Ethereum gained 0.4% to $272.91, XRP jumped 3.9% to $0.43476, while Litecoin rose 0.9% at $135.915.

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In crypto sector headlines, investors are waiting for Facebook’s presentation of its own cryptocurrency, Libra, which will reportedly take place on Tuesday.

The Wall Street Journal reported last week that companies including Visa (NYSE:V), Mastercard (NYSE:MA), PayPal (NASDAQ:PYPL) and Uber (NYSE:UBER) will invest around $10 million in a consortium to oversee the social media firm’s digital currency.

The coin is expected to be launched next year and will be pegged to a basket of government-issued currencies in an attempt to avoid the extreme volatility associated with the digital assets.

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