Bitcoin Approaches $8,000 Again as Top Cryptos See Strong Gains
Most of the top 20 cryptocurrencies are reporting moderate to notable gains on the day as bitcoin approaches $8,000 again.
Sunday, May 19 — most of the top 20 cryptocurrencies are rebounding to report moderate to notable gains on the day by press time. Bitcoin (BTC) has pushed to just below the $8,000 mark again. The market rebound comes after a sharp correction on May 17 that followed almost a week of massive growth.
Market visualization courtesy of Coin360
Bitcoin 7-day price chart. Source: CoinMarketCap
As Cointelegraph reported earlier today in a dedicated analysis, figures published by bitcoin core developer Luke Dashjr show that more than half of the full nodes in the bitcoin network are still running client software vulnerable to an inflation bug discovered in September 2018.
CoinMarketCap data shows that ETH is up over 7% over the last 24 hours. At press time, ETH is trading around $254. On the week, the coin has also seen its value increase by over 35%.
Ether 7-day price chart. Source: CoinMarketCap
XRP is also up about 7% over the last 24 hours and is currently trading at around $0.40. On the week, the coin is up over 28%.
XRP 7-day price chart. Source: CoinMarketCap
At press time, the total market capitalization of all cryptocurrencies is currently at $247.8 billion, over 18% higher than the value it reported a week ago.
Total market capitalization 7-day chart. Source: CoinMarketCap
A recent report claims that the European Central Bank stated that cryptocurrencies do not have implications on monetary policy or factor into the real economy.