Bitcoin Falls Under $8,000 Again as US Stock Market Sees Discrete Gains

May 15, 2019
1097 Views

Most of the top 20 cryptocurrencies are reporting moderate gains on the day as bitcoin has fallen below the $8,000 mark again.

Wednesday, May 15 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time, as bitcoin (BTC) has fallen below the $8,000 mark again.

Market visualization courtesy of Coin360

Bitcoin is nearly a percent down on the day, trading at $7,975 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over 25.7%.

Bitcoin 7-day price chart. Source: CoinMarketCap

As Cointelegraph reported earlier today, the CEO of instant cryptocurrency exchange platform ShapeShift told Bloomberg that bubbles are an essential part of the industry’s growth.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $24.5 billion. The second-largest altcoin, XRP, has a market cap of $17.9 billion at press time.

CoinMarketCap data shows that ETH is up over 11% over the last 24 hours. At press time, ETH is trading around $231. On the week, the coin has also seen its value increase by over 26.8%.

Ether 7-day price chart. Source: CoinMarketCap

Ethereum co-founder Joseph Lubin recently said that the Ethereum blockchain will become about 1,000 times more scalable in 18 to 24 months.

XRP is up over 5.6% over the last 24 hours and is currently trading at around $0.427. On the week, the coin is up over 29%.

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the ones reporting the most notable gains are tezos (XTZ), which is up nearly 22%, binance coin (BNB), which is up over 14.5%, tron (TRX) and ethereum classic (ETC), both up over 12%.

At press time, the total market capitalization of all cryptocurrencies is $244.3 billion, nearly 24% higher than the value it reported a week ago.

Total market capitalization 24-hour chart. Source: CoinMarketCap

In traditional markets, the United States stock market is seeing discrete gains so far today, with the S&P 500 up 0.55% and the Nasdaq up 0.98% at press time. The CBOE Volatility Index (VIX), on the other hand, has lost a solid 6.26% on the day at press time.

Major oil futures and indexes are seeing mixed movements today, with WTI Crude up 0.19%, Brent Crude up 0.73% and Mars US up 1.56% at press time. The OPEC Basket is down 0.77% and the Canadian Crude Index has gained 0.51% by press time, according to OilPrices.

You may be interested

Ex-CEO of Crypto Exchange WEX Arrested In Italy
Crypto News
Crypto News

Ex-CEO of Crypto Exchange WEX Arrested In Italy

btcethereumadmin - July 19, 2019

Dmitri Vasilev, the former CEO the now defunct crypto exchange WEX, was arrested Friday in Italy, the BBC’s Russian Service…

Someone Is Trying to Trademark ‘Samsung Coin.’ It’s Not Samsung
Crypto News
2 views
Crypto News
2 views

Someone Is Trying to Trademark ‘Samsung Coin.’ It’s Not Samsung

btcethereumadmin - July 19, 2019

Someone in South Korea appears to be trying to take advantage of Samsung’s blockchain efforts by nabbing the “Samsung Coin”…

Short of Target: Bitcoin’s $1K Rally Leaves Bear Bias Intact
Bitcoin
2 views
Bitcoin
2 views

Short of Target: Bitcoin’s $1K Rally Leaves Bear Bias Intact

btcethereumadmin - July 19, 2019

View Bitcoin’s short-term outlook will remain bearish as long as prices remain below $11,080 resistance. A break above that level…

Leave a Comment

Your email address will not be published.