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Following a mild correction yesterday, crypto markets have seen strong positive momentum today.
Monday, May 27 â Â following a mild correction yesterday, the crypto markets have seen strong positive momentum today, with bitcoin (BTC) soaring to its highest price point in over a year. Virtually all of the top 50 cryptocurrencies are seeing solid green, as Coin360 data shows.
Market visualization courtesy of Coin360
Bitcoin has reported over 9% in growth on the day and is trading at $8,727 by press time. Having briefly dipped below $8,000 yesterday, May 26, the top coin saw a sharp rally kick in towards the evening. Bitcoin has seen considerable volatility this week, posting an intra-week low of around $7,550 on May 23 before surging to todayâs new price peak.
Bitcoin last traded in the $8,700-800 range over a year ago, in the second week of May 2018.
On the week, Bitcoin has sealed a bullish 10.5% gain.
Bitcoin 13-month price chart. Source: CoinMarketCap
In his own technical analysis, trader Peter Brandt has cautioned that bitcoinâs surge ostensibly represents âthe FOMO phase of the advance,â and that âonce the majority of sold-out crypto bulls capitulate and chase this rally a more sizable correction will likely occur, stopping out the same bulls, who are chasing this advance.â
Largest altcoin by market cap ether (ETH) has also seen solid gains, growing 7.1% on the day to press time to trade at $267.50. Ether has seen strong correlation with bitcoinâs price surge, which kicked off during later trading hours yesterday. Todayâs gains brings the altcoin back to its mid-month (May 18) earlier price peak, and in a longer view, to price levels last seen in early September 2018. Â
The top altcoin is now trading 7.22% up on the week.
Ether 7-day price chart. Source: CoinMarketCap
XRP has seen a 6.9% gain on the day to trade at $0.41 by press time. Yesterdayâs renewed upturn has reversed all of the assetâs midweek losses, with XRP now sealing a 3.5% gain on the week.
XRP 7-day price chart. Source: CoinMarketCap
Among the top ten cryptocurrencies at press time, all are green. The market-wide price rally includes a 12.1% gain for fifth largest crypto litecoin (LTC), a 9.6% gain for sixth ranked coin eos (EOS) and an 8.2% gain for bitcoin cash (BCH), ranked fourth. Bitcoin cashâs gains come despite new reports of an apparent double spend that followed its mid-May hard fork, as Cointelegraph has reported.
Widening out to the top twenty, all coins are again unanimously green, with several posting double digit gains. These include bitcoin sv (BSV) â ranked 12th and soaring almost 25% on the day â an 11% gain for 19th largest coin nem (XEM) and an over 9% gain for tron (TRX), ranked 11th.
The total market capitalization of all cryptocurrencies is currently around $269.6 billion â back to levels last seen in early August 2018 â with bitcoin dominance at 57.3%.
Total market capitalization of all cryptocurrencies. Source: CoinMarketCap
As Bloomberg today reports, bitcoinâs rally over the past month is ostensibly its strongest since before its historic late 2017 price surge â with an almost 70% gain on the month.
The report cites eToro analyst Mati Greenspan, who commented on the rally:
âEasier to spend means a greater-use case and a greater level of adoption. The tipping point is likely very close now.â
In traditional markets, European stocks have steadied following the continent-wide elections, as Bloomberg reports today. As of press time, the Stoxx Europe 600 Index increased 0.2% and the euro has held steady on forex markets.
Shares in French car manufacturer Renault soared 13.4% in early Paris trading hours, ostensibly buoyed by news of a potential merger with Fiat Chrysler. If finalized, the deal would see the merged companies become the worldâs third largest car maker.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.