Bitcoin bulls have turned out to be more relentless than most traders would have predicted from its historic prices. Moreover, the fundamentals around Bitcoin [BTC] seem to be stronger than ever with the Bitcoin virus spreading to the east now. Mati Greenspan, the senior market analyst at eToro tweeted,
“BTC on the move again… Asian market certainly doing their bit today.”
This is coming after a huge pullback on 17th May 2019. A Bullish Marubuzo with was seen in the 0: 00-4: 00 Hours UTC on 19th May as the market broke above $8000 again. This the second time the market has attempted to break it after a huge correction.
The other four performing coins
Opening Price: $6968
Closing Price: $8109
The weekly gains: 16.3%
Weekly High/Low: $8390/$6178
Binance [BNB] Coin
Binance [BNB] coin was trading in the red in the last week’s update trading around $20. Nevertheless, the token started picking up value again as normal operations began at Binance Exchange after the hack. This week Binance also initiated the process of burning token from the Ethereum blockchain to process them on the native Binance Blockchain.
Opening Price: $20
Closing Price: $29.5
The weekly gains: 47.6%
Weekly High/Low: $32.2/$19.9
Stellar’s rise was higher than most coins during the week as it held gained 35% on a weekly scale. The Stellar validators were reportedly shut down for two hours on 15th May 2019. As Bitcoin continued to correct and rise, Stellar held it gains above 0.00001750 BTC.
Opening Price: $0.10
Closing Price: $0.14
The weekly gains: 40%
Weekly High/Low: $0.16/$0.117
Ethereum has been the top performer in leading altcoin gains in terms of total market capitalization. The total market capitalization of Ethereum is above $25 billion. It still accounts for more than 10% of the total capitalization of cryptocurrency markets.
Opening Price: $188
Closing Price: $259
The weekly gains: 38%
Weekly High/Low: $281/$185
Tezos [XTZ] has been one of the best performing coins of the year. It has gained more than 100% before the bull run on Bitcoin began. The gain was influenced by the Coinbase allowing Tezos [XTZ] as the first coin which could be staked/forged on the Coinbase Custody platform.
It was on the rise again this week as the market seems to have broken bullish since the beginning of the month. It broke above $1.75 as it set sights on to $2.
Opening Price: $1.24
Closing Price: $1.77
The weekly gains: 43.4%
Weekly High/Low: $1.833/$1.23
XRP, Dash, IOTA, and Cosmos [ATOM]
The almost all altcoins were in the green on a weekly scale. While the above-mentioned cryptocurrencies rose higher than the rest, XRP, Dash, IOTA, and Cosmo [ATOM] also registered more than 20% gains.
The gain in XRP was considerable as it broke above the $18 billion market capitalization. Moreover, the weekly rise is about 25%. The dominance of XRP over cryptocurrency market is about 7%. The rise of Dash, IOTA, and ATOM is 21%, 31% and 23$ respectively on a weekly scale.
*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 19th May 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