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  • All major coins are growing with Litecoin leading the pack.
  • Mike Novogratz says institutional, and mass adoption will drive the market higher.

The global cryptocurrency market has rebounded strongly with total market capitalization jumping to $224B by press time. The industry has received some support from signs that regulators and traditional financial institutions were warming towards digital assets and blockchain in general.  

All top-20 coins except Tezos demonstrated positive momentum over the recent 24 hours with Tron (TRX), Cardano (ADA) and Bitcoin Cash (BCH) gaining over 6%; Litecoin (LTC) turned out to be a growth leader with 9% gains, while XRP lagged behind with 1.3% day-on-day increase.

Bitcoin has gained 2.8% since this time on Thursday to trade at $6,686 at the time of writing. The digital coin No. 1 reverted from September 25 low at $6,327, but the critical resistance at $7,000 is still out of reach.

XRP/USD is changing hands at $0.5382, mostly unchanged since the beginning of Friday and with marginal gains on a daily basis; the coin touched $0.5546 high on Thursday but failed to hold the ground.

Ethereum is rangebound under $230 handle. The second largest coin recovered from $210, but the upside momentum seems to be fading away.

Meanwhile, Bitcoin bull and crypto enthusiast Mike Novogratz came out with another optimistic forecast for the digital coin No. 1. Speaking in the interview with CNN, he said that the cryptocurrency is ready for healthy growth.  

“You’re seeing now institutions moving in. Starbucks and Microsoft’ll allow you to use bitcoin. As you see more adoption of just people being comfortable with it, it feels like it’s going to go up.”

He believes that the newly found interest from institutional investors along with movement towards mass adoption will drive the cryptocurrency market valuations higher.