Crypto Markets Recover With Bitcoin Breaking $5,300, Gold and Oil Prices Rise

Tuesday, April 30 — following another decline yesterday, crypto markets again reversed to gain momentum upwards, with all but one top 20 coins by market cap in the green.

Having skyrocketed more than 18% yesterday, IOTA (MIOTA) is the only coin among the top 20 that sees losses, down around 4.3%. In contrast, litecoin (LTC) is seeing the biggest gains over the past 24 hours, up 7.17% at press time.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) has broken back above $5,300 today, hitting an intraday high of $5,353. At press time, bitcoin is up 1.55% over the past 24 hours to trading at $5,321. Similarly to all the top 20 cryptos, Bitcoin is still down almost 5% over the past week.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

Ether (ETH), the second cryptocurrency by market cap, is up 2.3% to $159.21 at press time. Still, the top altcoin is seeing about a 8.36% drop over the past 7 days. Yesterday, tech entrepreneur and Tesla CEO Elon Musk entered a twitter conversation with ether co-founder Vitalik Buterin with a one-word tweet “Ethereum.”

Ethereum 7-day price chart. Source: CoinMarketCap

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP), the third top cryptocurrency by market cap, is up 5.1% over the past 24 hours to $0.309 at press time, while the coin is still down 4.66% over the past 7 days. Recently, the world’s largest stock exchange, Nasdaq listed XRP Liquid Index (XRRLX) on its global data service.

Ripple 7-day price chart. Source: CoinMarketCap

Ripple 7-day price chart. Source: CoinMarketCap

Total market capitalization amounts to $173 billion, up from $169 billion at the beginning of the day.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

Recently, Fundstrat Global Advisors founder Tom Lee made another bull prediction, claiming that crypto prices will hit new all-time highs by 2020.

Earlier today, Cointelegraph reported that blockchain-focused precious metals firm Tradewind hired ex-JPMorgan Chase executive as its new CEO. Also today, American crypto exchange ErisX announced the public launch of its spot market.

After hitting all-time highs yesterday, the United States stock market dropped today as Google’s parent company Alphabet had a bad impact on communication service sector, CNBC reports. At press time, the Nasdaq (NASDAQ) Composite is down 0.9%, while the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up about 0.1%.

Oil prices rose amid Venezuela’s opposition leader urging the military to back him to topple Nicolas Maduro after Saudi Arabia claimed that their partnership to hold output could be expanded till the end of 2019. As such, West Texas Intermediate (WTI) crude oil and Brent crude are up 0.6% and 0.9%, respectively.

Gold prices also rose today as global economy concerns subsided after disappointing Chinese factory activity data. At press time, spot gold is up 0.3% to $1,283 per ounce, while U.S. gold futures gained 0.29% to $1,285.