Investing.com - Cryptocurrency prices traded higher on Tuesday, with most of the top digital coins gaining more than 4%.
Bitcoin was trading at $8,522.3 by 01:05am ET (5:05GMT) on the Bitfinex exchange, up 4.1% over the previous 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, added 2.1% at $538.12 on the Bitfinex exchange.
Ripple’s XRP token jumped 5.50% to $0.68644 on the Poloniex exchange.
Meanwhile, Litecoin was trading 4.4% higher at $158.23.
A report by Morgan Stanley received some attention today as it said Bitcoin’s recent moves are similar to the “boom and bust” of Nasdaq around 2000, but at 15 times the speed.
The Nasdaq surged 278% in 519 days, hitting its high in March 2000, while the cryptocurrency jumped 248% in just 35 days to its $19,511 high in December, the report said, adding that Bitcoin’s price fell by 70% since then, while trade volume jumped by almost 300%.
“Rising trade volumes are thus not an indication of more investor activity but instead a rush to get out,” said Sheena Shah, Morgan Stanley strategist.
Cryptocurrencies were under pressure earlier in the day after reports suggested U.S. President Donald Trump signed an executive order to ban all transactions within the U.S. that involve any digital currency or assets issued by the Venezuelan government on or after Jan. 9 this year.