While the cryptocurrency market declined overall, the 10th largest coin by market capitalization, Tezos (XTZ), fell 9%, the biggest drop among the top 10 cryptocurrencies. The world’s original altcoin Bitcoin (BTC) has also plummeted by over 4 percent. Tether (USDT) has continued to trade in green for the past one week and it currently has the biggest daily volume of $47.73 billion and the supply of 4.64 bln.
The market recovery for the cryptocurrency sector greatly increases global capitalization and price of several binary coins. To motivate the bullish uptrend some good news and the usual cascading effect.
Yesterday, the entire market capitalization of the cryptocurrency industry increased by around 9.5% to approximately $238.112 billion. That was achieved with $165.287 billion daily traded volume, 203% volume increase which hypothetically indicated the outset of the 2020 alt season, and possibly the next bull run. Even though Bitcoin (BTC) price soared with the rest of the industry, it didn’t change as positively as the rest of the major altcoins, so, it managed to decline by more than two points of dominance, and reduced up to almost 66.4 percent.
This month cryptocurrency has not experienced any serious movements either upwards or downwards. However, we saw Bitcoin losing its $10,000 support level last Thursday and most altcoins ending the month in the red. Let’s see which digital coins out of the top 100 found themselves at the bottom of the performance list.
Following Coinbase’s roll out of Bitcoin Cash (BCH) back in December 2017, United States District Judge of San Francisco, California, Vince Chhabria, has made a final verdict and advised the users to go on with a “negligence suit” if they want to do so. The California based cryptocurrency giant could face negligence suit for illegally adding BCH, the world’s fourth cryptocurrency by market capitalization.
The City of Richmond Hill in Canada, will start accepting the world’s leading virtual currency by market capitalization Bitcoin as a means of payment for property taxes from inhabitants and businesses, The Block reports.
The month has started pretty excitingly with Bitcoin skyrocketing from $5,300 to $8,700, a 65% surge. Altcoins seem to be recovering from the bear market as well, with some gaining more than 200% in price. Does this mean that we are at a pivot point and a bull market has already started?
The whole blockchain and crypto market has seen gains in the prices of digital assets, especially Bitcoin, the oldest and leading cryptocurrency by market capitalization. On May 12, Bitcoin (BTC/USD) traded above the $7500 price level, which is its record high price since August 3, 2019 (around nine months). Several crypto analysts anticipate BTC to skyrocket and hit $10,000 before this month ends.
The leading digital currency by crypto market capitalization, Bitcoin, has been struggling to survive in the tough conditions of a prolonged bear market. With traders losing their last hope, Chinese Bitcoin bull predicts a large upward movement to $740,000.