Cryptocurrency markets have started the week on a highly positive note as the total market capitalization broke above $270 billion. Bitcoin [BTC] initiated the rise early on 27th May 2019 as it surged past $8800.
It has held the gains for than 12 hours now, as the price of Bitcoin [BTC] at 13: 00 hours UTC on 27th May 2019 is $8770. It is trading 10.25% higher on a daily scale.
Litecoin [LTC], Ethereum [ETH] and Bitcoin Cash [BCH]
Bitcoin’s [BTC] double-digit rise has propelled the price of altcoins as well. While Ethereum [ETH] and Bitcoin Cash [BCH] recorded gains of 8.6% and 9.4% respectively, Litecoin [LTC] lead the pack with a near 15% gain. The price of Litecoin [LTC] at 13: 30 Hours UTC on 27th May 2019 is $114.72.
The rise in Litecoin [LTC] can be credited to the fact that ‘halving’ event is less than two months away. Moreover, Bitcoin Cash [BCH] was recently under a lot of criticism due to the chain re-org. Nevertheless, the fork of Bitcoin has continued to register new yearly highs at it is looking to break past $450. The price of BCH at 13: 45 Hours UTC on 27th May 2019 is $436.
EOS breaks $7 and Tron [TRX] Bullish Again
The rise in EOS and Tron [TRX] stood out in the sea of green with higher percentage gains. TRX broke above $0.33 while EOS is trading above $7. The rise on a daily scale is 13.8% and 11.9% respectively on a regular daily scale.
Bitcoin SV [BSV] was the highest percentage gainer, with over 80% gains on a weekly scale. The rise can be attributed to Craig Wright’s copyright registration with the US Copyright Office. While the market sentiments are split on the validity and worth of copyright registration, the price of BSV has enjoyed bullish momentum during the week.
Monero [XMR] also neared 10% gains on a daily scale. The price of XMR at 14: 15 Hours UTC on 27th May 2019 is $95.
XRP Trading at New Yearly Highs as Well
One of the most popular cryptocurrencies in the market, XRP reached a high of $0.42 on 27th May as the market broke bullish. The total market capitalization of XRP is $17.4 billion.
Bitcoin [BTC] has been leading the cryptocurrency markets for the past two months. The dominance of Bitcoin is above 57%. However, with the rising confidence in Bitcoin [BTC] as a store of value, faith in other altcoins with different utility than Bitcoin is also increasing. Moreover, the markets are closely tied to one another. However, this was responsible for the bubble formation in 2017, because the number of altcoins is still above 2000.
Do you think that we are in a bubble again or the rise is backed by actual value? Please share your views with us.
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.
Nivesh from Engineering Background is a full-time Crypto Analyst 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