Top Coins Are Trading Sideways While Oil Reports Mixed Signals

Cryptocurrency markets have seen mixed signals today, with most top coins trading sideways and Bitcoin trading at around $8,732.

Tuesday, May 28 — Major cryptocurrencies have continued trading sideways, reporting mixed signals at press time, according to Cointelegraph’s Coin360 data.

Market visualization from Coin360

Market visualization from Coin360

After steadily pushing to the $9,000 price mark on May 27, bitcoin (BTC) is now trading at around $8,732. The leading cryptocurrency has lost 0.17% over the day, while its highest and lowest price points on the day were $8,850 and $8,485 respectively.

As earlier reported, bitcoin hit an all-time high versus the Argentine peso amid the ongoing decline of the currency. The bitcoin price soared to as high as 394,000 pesos ($8,762.95) per coin, exceeding prices versus the Argentine peso not seen since the bubble in late 2017.

 CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

The co-founder at Hong Kong-based blockchain investment firm Kenetic, Jehan Chu predicted that bitcoin will rally as high as $30,000 by the end of 2019.

Ethereum (ETH) is up by 1.61% over the last 24 hours, trading at $272.47 at press time. The altcoin has seen only slight volatility during the day, having dipped to as low as $264, while the intraday high reached $275.

 CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) has seen more solid gains on the day, having gained 5.95%, and is trading at $0.448. Over the past seven days, XRP is up by 12.74%, and its monthly gains are around 53.4%.

 CoinMarketCap

Ripple 7-day price chart. Source: CoinMarketCap

Of the top 20 cryptocurrencies, iota (MIOTA) has seen the biggest gains at press time by around 12%, and is followed by EOS, bitcoin SV (BSV), and ethereum classic (ETC), with 4.83%, 4.04%, and 4.99% respectively, according to CoinMarketCap.

Total market capitalization is over $273.95 billion, with an intraday high of $275.5 billion. The daily trading volume of all cryptocurrencies on CoinMarketCap’s list is around $85.75 billion.

 CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

In traditional markets, Spot gold was down 0.5% at $1,278.11 per ounce, having touched its highest since May 17 at $1,287.32 in the previous session, according to CNBC, while U.S. gold futures were also down 0.5% at $1,277.30 an ounce.

Oil prices have also reported mixed signals today; Brent crude fell 5 cents, or 0.1%, to $70.06 a barrel, with prices repeatedly veering above and below $70. U.S. West Texas Intermediate (WTI) futures were trading at $59.17, up 54 cents, or 0.9%, from their close on Friday.

Publication date: 
05/28/2019 - 21:47
Author: 
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