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Cryptocurrencies Rise Despite Risk-Off Sentiment, EOS Leads the Pack

Published 06/25/2018, 12:30 PM
Updated 06/25/2018, 12:30 PM
© Reuters.  EOS takes number one spot for blockchain technology; leads cryptos higher

© Reuters. EOS takes number one spot for blockchain technology; leads cryptos higher

Investing.com - Cryptocurrencies gained across the board in early afternoon trading on Monday, even as other asset classes such as stocks and commodities saw heavy selling as worries over the escalation of trade tensions washed over global markets.

Bitcoin gained 2.3% in the last 24 hours to reach $6,287 on the Bitfinex exchange by 12:23PM ET (16:23GMT). The recovery came after a sharp selloff on Sunday took the world’s largest cryptocurrency by market capitalization below $5,800.

Ethereum, the world’s second largest cryptocurrency by market cap, rose 1.9% at $463.79 on the Bitfinex exchange.

Ripple’s XRP token climbed 3.2% higher to $0.45586 on the Poloniex exchange.

Bitcoin Cash, product of the Bitcoin fork and the fourth largest cryptocurrency by market capitalization, rose 2.3% to $758.95 on the Bitfinex exchange.

Leading gains in the last 24 hours among the top five cryptos by market cap, EOS jumped 6.5% to $8.2570 on a report that a Chinese ratings index put its overall grade for its blockchain technology ahead of all other networks.

The China Electronic Information Industry Development Blockchain Research Institute (CCID) -whose goal is to provide an independent rating system for blockchain technology - placed the EOS network at the head of the list, with ethereum and NEO put at second and third, respectively.

CCID reduced its rating on bitcoin blockchain technology to 17th place, compared to 13th in its May listing.

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