Cryptocurrency prices have spiked during the last 24 hours, with the market gaining over $5 billion in value, CCN reports. The global crypto market cap is valued at $125.5 billion at the time of writing.
Ethereum, the second largest cryptocurrency, was leading the rally at 0900 UTC, notching a more than 10 per cent surge per 24-hour adjusted timeframe, followed by Bitcoin Cash at 7.01 per cent. Bitcoin saw a smaller rise of 3.01 per cent. As of 1400 UTC, all major cryptocurrencies remain in the green, with both Ethereum and EOS prices noting a rise of over 15 per cent.
The jump in prices might be related to U.S. and China trade talks taking place in Washington this week, which have taken a positive turn, and U.S. President Donald Trump recently announcing a possible removal of tariffs placed on China.