Top cryptos report major gains today as the number one cryptocurrency is slowly approaching the $7,000 price point. The coming altcoin news provides you with an analysis of the crypto market today, Saturday, May 11.
The price of the number one cryptocurrency increased by up to 8 percent on the day and is currently trading at $6,950 according to the data from CoinMarketCap. If you take a look at the weekly price chart, bitcoin (BTC) is up by almost 22 percent which means there is an increase in price since the start of the week.
Ethereum (ETH) is still clinging to its position as the largest altcoin by market cap which is currently standing at $20.8 billion. The second largest altcoin XRP, on the other hand, has a total market cap of $13.8 billion at press time. The data from CoinMarketCap shows that ETH increased up to 13 percent over the last 24 hours. Currently, ETH is trading around $197. Over the weekly charts, the coin has also managed to increase by more than 21 percent. During the Ethereal Summit on May 10, developers stated that the Ethereum founders and their organizations ConsenSys and the Ethereum foundation, each donated 1,000 ether to the Moloch decentralized organization.
As described in the latest cryptocurrency news, XRP jumped by 9 percent in price over the past 24 hours and is currently trading at $0.328. Over the week, the altcoin increased by more than 8 percent.
Among the 20 top cryptos, the coins reported some of the most notable gains. Cardano (ADA) for example, increased up to 20 percent, Litecoin (LTC) and Tezos (XTZ) both increased by 17 percent. Monero (XMR) and Binance Coin (BNB) are up to 11 percent. Bitcoin cash and EOS both increased up to 15 percent. Currently, the total market cap of all cryptocurrencies is standing at $212.7 billion which is 17 percent higher since the start of the week.
In the other news reported, the New York State Assemblyman Clyde Vanel stated during the Ethereal Summit that the top cryptos and blockchain companies need to be lobbying for themselves much more than they do know and to educate regulators. On top of this, the sentiment that surrounds the altcoins is reaching extreme lows which means that there could be lucrative buying opportunities in the future. However, if Bitcoin continues to grow, the death of altcoins will obviously become a bigger topic.
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Galaxy Digital ‘Bank’ Cashes Out Of Block.one Investment With 123% Profits
“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and many other coins falling to fresh lows, as the altcoin news showed. The filing notes that Galaxy Digital Bank is primarily founded by Novogratz's wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this. https://twitter.com/zhusu/status/1126394118093950983 However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups. More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms - a business which has boomed during the 2018 bear market - as the latest cryptocurrency news show.
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Bitcoin SV (BSV) Doubles In Value After The BTC Copyright Claims
“BSV doubled on Craig’s copyright news. This is only the start of him proving BSV is the only bitcoin. Now is a great time to convert all your other shite coins to Bitcoin.”However, as reported in the latest cryptocurrency news, the copyright does not entitle Craig Wright with any exclusive rights on Bitcoin. It seems as the big pockets are pouring and pumping the Bitcoin SV market to confirm the ‘’we-are-the-best’’ slogan. A massive 200 price surge is one of the reasons why traders should restrain themselves from buying the high or the lower lows. The Bitcoin SV (BSV) price corrected up to 53 percent before establishing a historic high at $195 on Huobi. The market bias is currently bullish and the majority of the technical indicators signal the strong buying sentiment. With the flawed fundamentals, a dump right now should not surprise the market.
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