Crypto-Market Update: MCap Nears $250 Billion; Alts XRP, ETH, BNB, XTZ Join Bitcoin’s [BTC] Bull Run

top crypto mcap
Image Source: Shutterstock

Crypto-Market Update: MCap Nears $250 Billion; Alts XRP, ETH, BNB, XTZ Join Bitcoin’s [BTC] Bull Run

Bitcoin [BTC] rose from $6000 to $8000 in less than a week. The gain on Bitcoin since the beginning of the month is 52.2%. Moreover, the sudden unprecedented rise made the altcoin traders wary of their investments as it continued to lose value to BTC. Altcoins traders which seemed to be losing value to Bitcoin maximalists are finally seeing green in their ledger.

Bitcoin’s rise cooled of near $8000 for the moment, the low and high from yesterday was $7621 and $8350 respectively. The price of BTC at 4: 00 hours UTC on 15th May 2019 is $8031.

XRP and XLM Continue Gaining on Consecutive Days

XRP seemed to begin the altcoin run as it gained more than 30% on Tuesday. It has continued to gain on the following day as well, as the price of XRP is trading 20.66% higher on a daily scale. The price of XRP at hours UTC on 15th May is $0.432.

XRPUSD chart
XRP/USD 4-Hour Chart on Kraken (TradingView)

Stellar (XLM) which is closely related to ripple in terms of audience and vision rose with the ride as well. The price of Stellar is $0.119. It is trading 13.5% higher on a daily scale.

Ethereum, Bitcoin Cash [BCH], Litecoin [LTC]

Ethereum, the second largest cryptocurrency according to total market capitalization; it added another $2 billion to it in the past day. Moreover, Ethereum also rose w.r.t. Bitcoin [BTC] as it climbed back above 0.027 BTC.

ETHBTC
ETH/BTC 1-Day Chart on Coinbase (TradingView)

Bitcoin Cash [BCH] and Litecoin [LTC] trading were trading at par on a daily scale. However, the rise in Bitcoin Cash [BCH] has been impressive almost equivalent to Bitcoin [BTC] as it gained almost 50% since the beginning of the month.

BCHUSD
BCH/USD 1-Day Chart on Coinbase (TradingView)

The gain on Litecoin [LTC] has been in double digits as well. It broke above the $78 support and resistance, to trade in the $90 range.

Binance [BNB] Coin Breaks $25

Binance [BNB] coin broke above its previous all-time high as it traded above $25. The price which was looking towards the downside last week due to the hack at Binance Exchange has recovered to cement its 7th position w.r.t total market capitalization.

BNBUSD
BNB/USD 1-Day Chart on TradingView

BNB seems to be getting resistance from the all-time high levels as it tries to break it for the third time in a month.

Tezos [XTZ], Cardano’s ADA and Tron [TRX] and IOTA Record Double-Digit Gains

Many altcoins traded in the green with double-digit gains on a daily scale. While all ‘good’ alt projects have been in the development phase in the past year, there was no specific reason for the rise of these altcoins except the bull run from Bitcoin [BTC].

Amongst the $1 billion MCap cryptocurrencies, Tezos [XTZ], Cardano’s ADA, Tron [TRX] and IOTA gained above or around 10%. ADA and TRX gained 11.6% and 10.7% on a daily scale. The price of ADA and TRX at 4: 00 hours UTC on 15th May 2019 is $0.085 and $0.0284 respectively. Furthermore, the gains on XTZ were more stupendous as its price broke above $1.6. It gained 17.4% on a daily scale.

The total market capitalization of the cryptocurrency market is closing in on $250 billion as it added about $4 billion in the past day. The dominance of Bitcoin [BTC] corrected from its yearly high of 60%, currently at 58.2%.

With the bull run in progression do you think we’ll reach 2017 highs soon or more accumulation is required? Please share your views with us.

Summary
Crypto-Market Update: MCap Nears $250 Billion; Alts XRP, ETH, BNB, XTZ Join Bitcoin's [BTC] Bull Run
Article Name
Crypto-Market Update: MCap Nears $250 Billion; Alts XRP, ETH, BNB, XTZ Join Bitcoin's [BTC] Bull Run
Description
Bitcoin [BTC] rose from $6000 to $8000 in less than a week. The gains on Bitcoin since the beginning of the month is 52.2%. Moreover, the sudden unprecedented rise made the altcoin traders wary of their investments as it continued to lose value to BTC.
Author
Publisher Name
CoinGape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Post your comment...
Nivesh Rustgi 602 Articles

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Follow Nivesh @