May 19, 2019

Bitcoin Pumped back to $8,000 as top cryptos see substantial gains

On the 19th of May, the majority of the top 20 cryptocurrencies are reporting significant gains on the day by press time. Bitcoin has risen to just below the $8,000 mark; this rebound is due to a sharp correction made on the 17th of May which followed almost a week of massive growth. Bitcoin has risen eight percent up on the day and is currently trading at $7,928 at press time and is up almost 11% on the weekly chart.

Earlier today in a dedicated analysis Bitcoin core developer Luke Dashjr published figures showing that more than half of the full nodes in the Bitcoin network are still running client software vulnerable to an inflation bug discovered in September 2018.

Ether remains the largest altcoin by market cap standing at $27 billion. The Ether coin is up over 7% in the last 24 hours and is currently trading around $254.

XRP is holding onto its position as the second largest altcoin, XRP has a market cap of $16.9 billion at press time. The XRP coin is trading around $0.40, XRP is also up about 7% over the last 24 hours and has risen 28% on the weekly chart.

Some cryptos among the top 20 cryptocurrencies are reporting two-digit gains; these coins are Bitcoin cash (BCH) and dash (DASH), up 13% and 10% respectively.

The total market capitalization of cryptocurrencies at press time is currently at $247.8 billion, over 18% higher than the value it reported a week ago.

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Published at Mon, 20 May 2019 00:16:26 +0000

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With the exception of the yen, the US dollar is lower against all the major currencies. US Treasury yields are firm, extending yesterday’s rise a little. This may help keep the dollar straddling JPY109, but unwinding long yen cross positions is helping underpin the other major currencies. The Dollar Index is making a new low for the week and appears poised to test support around 98.85-99..00.

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