The cryptocurrency market capitalization had breached the $275 billion mark for the first time this year, as the sentiments towards cryptocurrencies, especially Bitcoin [BTC] have been on the rise with increasing adoption and development.
Bitcoin price went through a roller coaster ride this week as it began and ended the week around $8700. BTC recorded a Year-to-Date (YTD) high near $9100 on Thursday which was followed by a swift pullback to $8000. Nevertheless, the price rose the following day again, and Bitcoin has above $8700.
Opening Price: $8733
Closing Price: $8740
The weekly gains: 0.09%
Weekly High/Low: $9096/$8000
The market dominance of bitcoin was around 55% during the week, with rather significant ups and downs. However, Bitcoin continues to be the primary driver of price in the cryptocurrency markets.
Nevertheless, developments and news around other cryptocurrencies were also plenty during the week. Some of the notable gains were recorded in the following cryptocurrencies (Not in any specific order):
XRP Gains on Market Momentum
One of the top gainers in the recent week has been XRP as it continues to consolidate above $0.43. Concerning Bitcoin [BTC], the price is finding support above 0.00005 BTC.
Opening Price: $0.409
Closing Price: $0.439
The weekly gains: 7.39%
Weekly High/Low: $0.474/$0.404
EOS Builds On Anticipation of a Big Announcement of its Secretive Social Media Platform
EOS was one of the top performing coins as Block.one built immense anticipation of a big announcement scheduled for June 1, 2019. The firm announced a new Social Media network, Voice, which rewards the users for the number of likes and engagements. It is was published on a large scale and drew the attention of almost the entire crypto-community.
Nevertheless, the price surge subsided after the release as the social media platform still has a very long way to go interns of user base and to build communities online.
Opening Price: $6.94
Closing Price: $7.88
The weekly gains: 13.46%
Weekly High/Low: $8.71/$6.71
Bitcoin SV [BSV] Controversy Over Copyright Doesn’t Stop the Price
Bitcoin SV [BSV] is the highest gainer of the week with near 100% gains. The price broke above $$250 to register a new All-Time High (ATH) on BSV. However, there was considerable volatility in the price. Moreover, the fundamentals of the rise were questioned at each step, and it was presumed to be back by fake news.
Opening Price: $104
Closing Price: $189
The weekly gains: 83.11%
Weekly High/Low: $252/$103
Tron Breaks above $0.04
Tron [TRX] was one of the top gainers as CEO of Tron Foundation has also kept something ‘up his sleeve’ which he will reveal on June 3, 2019. Tron also has a massive community of investors and Dapp developers backing its price.
Opening Price: $0.0311
Closing Price: $0.040
The weekly gains: 28.65%
Weekly High/Low: $0.0411/$0.0291
IOTA’s New Blockchain
IOTA announced a new update to its protocol, ‘coordicite’, which enabled permissionless, zero-fee transactions on the network. This is hailed as one of the most innovative protocols for the execution of blockchain-based transactions.
Opening Price: $0.41
Closing Price: $0.494
The weekly gains: 20.41%
Weekly Low/High: $0.392/$0.574
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 2nd June 2019.
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