most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time, as bitcoi
Bitcoin Falls Under $8,000 Again as US Stock Market Sees Discrete Gains
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 por ciento.
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 por ciento 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 por ciento.
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 por ciento over the last 24 hours and is currently trading at around $0.427. On the week, the coin is up over 29 por ciento
Among the top 20 cryptocurrencies, the ones reporting the most notable gains are tezos (XTZ), which is up nearly 22 por ciento, binance coin (BNB), which is up over 14.5 por ciento, tron (TRX) and ethereum classic (ETC), both up over 12 por ciento
At press time, the total market capitalization of all cryptocurrencies is $244.3 billion, nearly 24 por ciento higher than the value it reported a week ago.
In traditional markets, the United States stock market is seeing discrete gains so far today, with the S&P 500 up 0.55 por ciento and the Nasdaq up 0.98 por ciento at press time. The CBOE Volatility Index (VIX), on the other hand, has lost a solid 6.26 por ciento on the day at press time.
Major oil futures and indexes are seeing mixed movements today, with WTI Crude up 0.19 por ciento, Brent Crude up 0.73 por ciento and Mars US up 1.56 por ciento at press time. The OPEC Basket is down 0.77 por ciento and the Canadian Crude Index has gained 0.51 por ciento by press time, according to OilPrices.