Connect with us

Some Major Coins Still Making Gains, Others Trade Sideways as Oil Reports Mixed Signals


Some Major Coins Still Making Gains, Others Trade Sideways as Oil Reports Mixed Signals

Bitcoin continues to trade around $8,000, while other coins like Litecoin trade sideways

Tuesday, May 14 — Yesterday’s rally in cryptocurrency markets has slowed, with the top 20 coins by market capitalization reporting mixed signals, according to Coin360.

Market visualization

Market visualization from Coin360

After breaking the $8,000 threshold yesterday, the leading cryptocurrency bitcoin (BTC) has been holding its ground, having gained 2.85% over the past 24 hours and is trading at $8,004 at press time.

As reported earlier today, the bitcoin mining hashrate is becoming more distributed among mining pools. “While the distribution of hash power is certainly better geared against coordinated attacks, the number of pools continue to dwindle. To date, versus the start of 2018, 40% of the pools have now shut down,” crypto research firm Diar states.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

The second largest coin ether (ETH) is seeing slightly more daily gains, up over 3% to trade at $207.90 at press time. Over the week, the altcoin’s price has increased by 19.62%.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

Ripple (XRP), has posted massive gains of 21.70% on the day and is trading at $0.399 at press time. The coin’s price surge follows the news that United States major crypto exchange Coinbase rolled out XRP support for its New York users, as well as the announcement that German exchange Boerse Stuttgart had launched a dedicated exchange-traded note for both XRP and litecoin (LTC).

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

On CoinMarketCap, the top 20 coins are seeing mixed signals, reporting gains between two and 22% on the day. Of the top 20 coins, Stellar (XLM), IOTA (MIOTA), and Ontology (ONT) are showing double-digit gains between 10 and 13%.

Total market capitalization of all cryptocurrencies is around $236 billion at press time, with $226.5 billion and $244.7 billion as the lowest and highest price points on the day.

Total market capitalization 24-hour chart

Total market capitalization 24-hour chart. Source: CoinMarketCap

In traditional markets, the Dow Jones Industrial Average jumped 353 points, led by a gain in Dow Inc shares, while the S&P 500 advanced 1.4% purportedly following the outperformance of tech shares, CNBC reported today.

Oil has seen mixed signals today, with Brent crude futures trading at $70.40 a barrel, up 38 cents or 0.24%, and U.S. West Texas Intermediate (WTI) crude futures trading at $60.92 per barrel, down 12 cents or 0.2%, according to CNBC.

Continue Reading

More in Bitcoin

To Top