Within the space of a week, Bitcoin ascended by over 18 percent breaking multiple resistance levels in the process. At press time, the king coin is priced at just over $6,700 exhibiting a 6.87 gain against the US dollar in a 24-hour window. Invariably, the king coin’s ascendance has sparked a massive bullish swing with the collective market rising over $200 billion in the process.
This recent unexpected price push even broke past the November 2018 price cliff level, which many analysts pegged as the peak of the crypto-winter. At the close of last October, Bitcoin was trading above $6,400 and then owing to the Bitcoin Cash [BCH] hardfork tensions, coupled with the recurring bearish movement, the market experienced a meltdown in the ensuing weeks, with the price of the king coin plummeting to under $3,200.
Bitcoin broke the $6,000 ceiling on May 9 after positive movements at the start of the week, adding over $200 to its price between May 6-May 8. With FOMO increasing and the overall sentiment in the market on a high, the price rally continued with Bitcoin breaking resistance levels placed between $6,100-$6,300.
A fear of imminent correction did arise late on May 10, with the coin dropping from $6,414 to $6,316 in a matter of two hours, but the bulls continued to rage. The drop was followed by a significant 6.07 percent price increase, which placed the coin at its press time price of $6,701 with the market looking to rise.
In terms of market capitalization, Bitcoin has not only managed to hold its $100 billion valuation, but add over 18 percent to it. The king coin, at press time, posed a market capitalization of $118.43 billion, an enormous increase given its market cap was under $64 billion in February.
BitMEX led the Bitcoin trade volume via their derivatives contracts, XBT/USD, which accounts for 17.63 percent of total trade. Other notable exchanges on the list are Negocie Coins, FCoin, ZBG, and BW.com.
King coin aside, the second most prominent ‘bank coin,’ Stellar Lumens also saw a notable uptick. The ninth largest cryptocurrency in the market posed a 5.16 percent increase against the US dollar, while it dropped by 1.78 percent against Bitcoin, given the latter’s relative pump. XLM began shooting up at 0300 UTC on May 10 and has since posted a 7.86 percent gain to reach $0.096, where the coin currently stands. It must be noted that barring this recent rally, XLM has been performing poorly, falling by close to 13 percent compared to its price at the beginning of the year.
The market cap of the coin stood at $1.83 billion. BW.com takes the top spot for XLM trading volume via the pair XLM/USDT, accounting or 11.72 percent of the total. Other notable exchanges are BCEX, Fatbtc, Exrates, and HitBTC.
Monero, the privacy coin also saw a massive rally breaking out from its roller-coaster motion breaking its peak of $69.64 seen earlier this week. The recent XMR rally began late on May 9 and saw the coin rise by 9.81 percent to its press time price of just under $70. In the aforementioned period, the coin increased its valuation by $100 million, which, at press time, stood at $1.18 billion.
Bithumb takes the top spot in XMR trade volume, accounting for almost one-fourth of the market in the fiat trading pair XMR/KRW. Other notable exchanges on the list are HitBTC, CHAOEX, IDCM, and Exrates.
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