Bitcoin Holds Over $7,800 as US Stock Market Sees Minor Uptrend

Most of the top 20 cryptocurrencies are reporting moderate losses on the day as bitcoin holds over the $7,800 mark.

Wednesday, June 5 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) holds over the $7,800 mark.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is down over 2% on the day, trading at $7,820 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 10.6%.

 CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

Bloomberg reported yesterday that bitcoin could be currently showing signs of an incoming reversal.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $16.9 billion at press time.

CoinMarketCap data shows that ETH has also seen its value decrease by about 1.8% over the last 24 hours. At press time, ETH is trading around $244. On the week, the coin has also seen its value decrease about 10%.

 CoinMarketCap

Ether 7-day price chart. Source: CoinMarketCap

XRP is down about 3.5% over the last 24 hours and is currently trading at around $0.401. On the week, the coin is up almost 12.5%.

 CoinMarketCap

XRP 7-day price chart. Source: CoinMarketCap

As Cointelegraph reported earlier today, Ripple, the company behind settlement-oriented crypto asset XRP, promised a higher degree of accuracy for XRP volumes and sales.

Among the top 20 cryptocurrencies, the only one reporting double digit losses is ethereum classic (ETC), which is down over 10%.

At press time, the total market capitalization of all cryptocurrencies is $249 billion, nearly 10% lower than the value it reported a week ago.

 CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

In traditional markets, the United States stock market is seeing discrete gains so far today, with the S&P 500 up 0.5% and the Nasdaq up 0.68% at press time. The CBOE Volatility Index (VIX), on the other hand, has lost 0.48% on the day at press time.

Major oil futures and indexes are seeing mixed movements today, with WTI Crude down 1.25%, Brent Crude down 0.65% and Mars US up 0.4% at press time. The OPEC Basket is up 2.11% and the Canadian Crude Index has seen its value decrease by 2.2% in the 24 hours by press time, according to OilPrice.

Publication date: 
06/05/2019 - 17:01