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Top Cryptos Reach Double Digit Growth, Bitcoin Approaches $7K

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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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Altcoin News

GlobalCoin By Social Media Giant Facebook To Roll Out By 2020

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GlobalCoin-the name for the social media giant’s own cryptocurrency should roll out in 2020 according to reports that reached our coming altcoin news today. Facebook stated back on Friday that the company will launch the stablecoin and the crypto-based payments system in multiple countries by the first quarter of 2020. The company is also looking to start trials this year. The platform has also sought advice from the United States Treasury officials and Bank of England governor Mark Carney on the opportunities and regulatory issues that can come up for Zuckerberg’s project named ‘’Project Libra.’’ According to the report, information about GlobalCoin should be revealed in the upcoming months. However, the information we have show us that Facebook has also been discussing with both Gemini and Coinbase, both of which are crypto exchange giants in order to prepare third-party regulated platforms for users of the new stablecoin. The exchanges will also provide secure storage for the asset as the reports say because of the ‘’two people familiar with the matter.’’ Further, Gemini is basically a company founded by Mark Zuckerberg’s old rivals Cameron and Tyler Winklevoss but their exchange is one of the most highly regulated exchanges. This factor appeals to Facebook since regulation will be one of the most important aspects for the GlobalCoin cryptocurrency. The company is also discussing market creation and liquidity with a major Chicago-based frequency trading firms such as Jump and DRW. The latest cryptocurrency news updates came very soon after the reports that the social media giant has been discussing with payment companies such as Visa, Mastercard, and Western Union in order to fund its fiat-based cryptocurrency. The project will reportedly help millions of Facebook’s users to transfer money to each other and to make online purchases. Facebook even registered the new entity named ‘’Libra Networks’’ in Geneva on May 2 which will provide technical and financial services to develop related hardware and software. Only last month, Facebook was seeking to raise about $1 billion in order to fund the crypto stablecoin project- GlobalCoin. There is currently no information whether money has started to pour in but we will wait for updates on this controversial project and keep you posted.
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Galaxy Digital ‘Bank’ Cashes Out Of Block.one Investment With 123% Profits

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The Galaxy Digital Bank, or as it names itself the "crypto merchant bank" which is backed by a former Goldman Sachs partner Mike Novogratz, has recently cashed out 123% in gains from the bear market trend. As a new press release obtained from us shows that Galaxy Digital Bank, which was launched near the peak of the Bitcoin bull market, has netted substantial gains on one of its major blockchain-related investments. The release was re-shared on many best cryptocurrency news sites and revealed that Galaxy liquidated most of its shares in Block.one - the blockchain development startup and the fund behind the EOS protocol, for about $71.2 million. The company (Galaxy Digital) has registered a realized return of 123% on the investment. Even though the merchant bank will only hold a minimal amount of shares of Block.one, they will still work with the startup in a number of capacities like the EOS-centric venture fund and as a proponent of the blockchain in general.
“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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Crypto Market Retreat: $14 Billion Wiped Out Overnight

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The big Bitcoin pullback and crypto market retreat is in the coming altcoin news. Analysts cannot say that they did not expect it. As Bitcoin dips below the key support, the altcoins are also crashing around it. The total market capitalization managed to shed over $14 billion overnight and is approaching $235 billion at the time of writing. The new crypto market retreat started when Bitcoin failed to break resistance and started on a downward slide which resulted in a 4.3% dump on the day. From trading below $8,000, Bitcoin managed to fall back in the $7,500 waters as the latest cryptocurrency news show. Right now, analysts are eyeing resistance at $7,400 and $6,800 with a further decline if these support levels cannot be held. The crypto market reversal also pulled many altcoins down as the charts show. Ethereum was one of them, dumping more than 7.5% and coming back to $237. The truth is, Ethereum has not managed to decouple from Bitcoin and could soon visit the $232 support area. The top ten cryptocurrencies are all in red in the crypto market retreat. Cardano is getting crushed by more than 10% and Stellar is not that far behind, dumping more than 9%. XRP, Bitcoin Cash and EOS are all declining and have dropped by 7%. The only coin which is staying afloat is Binance Coin, trading above $30 with a loss of only 2%, as the altcoin news show.c Big trouble is also facing the top twenty at the moment with the crypto market retreat. As Bitcoin SV (BSV) dumps 12% of its epic gains yesterday, the US Copyright Office already stated that it does not investigate the connection between the claimant, Craig Wright - and the pseudonymous BTC code author. During the crypto market reversal, there are many double digit dumps. What's interesting and featured by many best cryptocurrency news sites is the MATIC altcoin, which has recently added another 20% to its price following its embellishment from the world's largest exchange. On top of this altcoin, the Crypto.com owned Chain also revived and added 10% against the bad flow today preparing for a new run on the upside. To sum things up, the total crypto market capitalization has been smashed with $14 billion and it seems that almost every coin is dropping.
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Bitcoin SV (BSV) Doubles In Value After The BTC Copyright Claims

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Bitcoin SV (BSV) managed to increase in value and even reached a market valuation of $2,478 in under two hours. The coming altcoin news will show you more of the analysis. There is no clear evidence on how this cryptocurrency managed to attract the additional $1.4 billion. The move happened out of nowhere and the crypto community believes that someone with a lot of money poured them in the eleventh largest cryptocurrency. As of yesterday, the Bitcoin SV (BSV) to dollar exchange rate established an all-time high at $195 which is a 200 percent increase after the market open. The price action was surprising mainly because Bitcoin SV emerged as one of the most controversial cryptocurrencies. The creator of the altcoin Craig Wright is constantly in the headlines after he went after everyone who questioned his identity as the real creator of bitcoin Satoshi Nakamoto. As a result, multiple crypto exchanges Kraken, Binance and ShapeShift delisted BSV causing its price to crash by 50 percent in just 20 days. Bitcoin SV (BSV) rebounded by 36 percent during the bullish sentiment on the market. However, the altcoin failed to overshadow its peers such as bitcoin and ethereum. Suddenly, out of nowhere, BSV increased by up to 200 percent on May 21. The massive price surge came with the bitcoin copyright registrations filed by Dr. Wright with the US government. His associate Calvin Ayer stated:
 “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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