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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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