Bitcoin Approaches $7K as Top Cryptos See Double Digit Growth


Saturday, May 11 — most of the top 20 cryptocurrencies are reporting major gains on the day by press time, as bitcoin (BTC) breaks the $6,900 mark.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is up over eight percent on the day, trading at $6,950 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up nearly 22%, surging in price since the end of the week.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $20.8 billion. The second-largest altcoin, XRP, has a market cap of $13.8 billion at press time.

CoinMarketCap data shows that ETH is up nearly 13% over the last 24 hours. At press time, ETH is trading around $197. On the week, the coin has also seen its value increase by nearly 21%.

Ether 7-day price chart. Source: CoinMarketCap

Ether 7-day price chart. Source: CoinMarketCap

At the Ethereal Summit on May 10,  developers announced that Ethereum founders Joseph Lubin and Vitalik Buterin and their respective organizations ConsenSys and the Ethereum Foundation — each donated 1,000 ether to the Moloch decentralized autonomous organization (DAO).

Third largest crypto XRP is up about 9% over the last 24 hours and is currently trading at around $0.328. On the week, the coin is over 8% up.

XRP 7-day price chart. Source: CoinMarketCap

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the coins reporting the most notable gains are Cardano (ADA), which is up over 20%, Litecoin (LTC) and Tezos (XTZ), which are both up about 17%. Monero (XMR), Binance Coin (BNB), EOS and bitcoin cash (BCH) are also all up 11-15%

At press time, the total market capitalization of all cryptocurrencies is $212.7 billion, over 17% higher than the value it reported a week ago.

Total market capitalization 24-hour chart. Source: CoinMarketCap

As Cointelegraph reported yesterday, financial advisory firm Canaccord Genuity has predicted that bitcoin could hit $20,000 by 2021.

In other industry news, New York State Assemblyman Clyde Vanel said at the Ethereal Summit on May 10 that crypto and blockchain firms need to be better at lobbying for themselves and educating regulators.



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