Ripple Sees Huge 40 Percent Gain As Crypto Market Adds $12 Billion, Is the Bear Market Over?

Within merely 24 hours, the crypto market has added $12 billion to its valuation, surging to $212 billion.

As the best performing cryptocurrency on the day, XRP, the native cryptocurrency of Ripple, has risen by more than 40 percent overnight.

The performances of XRP and ETH, the currency of Ethereum, are often mirrored by small market cap cryptocurrencies and tokens.

This week, at Yahoo Finance's second annual All Markets Summit, Michael Novogratz, former macro hedge fund manager and founder of crypto asset management firm Galaxy Digital Capital Management, stated the crypto market has hit a "Seller fatigue" and has achieved a "Classic bottom."

In late 2017, Novogratz explained that Bitcoin along with the rest of the market experienced a "Classic speculative global mania," which had to be met with a significant correction to support the next rally of the market, as Bitcoin has historically done throughout the past nine years.

Various technical indicators, including the Williams Percent Range, have demonstrated extreme, oversold conditions for major cryptocurrencies including Bitcoin, Ethereum and Ripple, the three largest cryptocurrencies in the global market, which likely led both Ethereum and Ripple to experience intensified movements on the upside.

Ripple and Ethereum, which saw a 50 percent decline from June to August, experienced a 20 to 40 percent increase in value in the past 48 hours.

"The hot funding market is pushing high-growth start-ups to change their plans. Flywire was not going to pursue more investment money until next year. It still had $15 million in the bank from a previous funding round. But the company saw 'investment heat' in the payments industry and Mr. Massaro thought more money would help Flywire grow even faster."

With billions and billions of dollars controlled by venture capital firms and institutions, Novogratz stated that once the market is ready to handle the demand, money will shift from the tech sector into the crypto market.

As FOMO among institutions occurs, Novogratz emphasized that there will be no limit to the market cap of cryptocurrencies.