Crypto markets surge to new yearly highs; Bitcoin and Ethereum commanding things, Litecoin, EOS, Tezos and Cosmos all making.
Market Wrap
Momentum has been pretty monumental over the past twelve hours or so in crypto markets. The top two heavyweights have both surged pushing total market capitalization up to a new 2019 high just shy of $190 billion. A further $9 billion has entered the space over the past 24 hours and key resistance levels have been broken.
Bitcoin touched a new yearly high of $5,950 a couple of hours ago. This is its highest price for almost half a year, before the big dump in November. The 4 percent surge on the day has lifted BTC market cap to $105 billion as volume pumps to $17 billion. There is a huge amount of resistance at $6k so a pullback is expected.
Bitcoin up nearly 5% today, nearing $6,000 😶 pic.twitter.com/mDMMKF0aDc
— Joseph Young (@iamjosephyoung) May 7, 2019
Ethereum has been boosted by the CTFC nod to the possibility of regulated futures contracts. Over the past 24 hours ETH has surged 12 percent to reach a high of $180 before pulling back slightly. It too is at crucial resistance above $177 but the momentum is with the top two at the moment.
There is a lot of green in the top ten during Asian trading this morning. None can outperform Ethereum at the moment but Litecoin, EOS and Cardano are all adding around 5 percent at the time of writing. Binance Coin has fallen back a little as traders get into altcoins again to catch the wave of fomo.
Top twenty gains are also pretty solid at the moment. Tezos is leading them with a 9 percent jump to $1.25. Monero, Cosmos and Maker are all up almost 6 percent and Tron, IOTA and Ethereum Classic are getting 4 to 5 percent back.
FOMO: ABBC Coin Cranking
Back at the top of the big one hundred is ABBC again adding 18 percent on the day. The only notices on their feed are regarding wallet security following individual hacks. ABBC is ranked at 57th with a market cap of $111 million and 1 billion coins in circulation.
Chainlink is doing well today with 14 percent gains and OmiseGO is getting a rare pump of 11 percent making OMG the third top performing altcoin at the time of writing. Still dumping is Maximine Coin which has lost another 6 percent today while most of the others have gained.
Total crypto market capitalization surged to a 2019 high of $189 billion a couple of hours ago. Over $9 billion flooded back into markets, largely due to big moves by Ethereum and Bitcoin. Daily volume has surged to $55 billion and markets have made 12 percent since the same time last week.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.