Bitcoin and Ether Market Update: May 30, 2019
The total crypto market cap added $7.6 billion to its value since May 27, 2019, and climbed up to $275.8 billion. The top ten currencies are all in green for the last 24-hours with Bitcoin SV (BSV) leading the pack with a stunning 89 percent gain, which also helped it enter the top ten list.
Bitcoin closed the previous week at $8,733 with a 6.6 percent price increase. It successfully broke above the important $8,000 level, which made crypto traders believe a new all-time high is in the making.
The BTC/USD pair opened the week with a small price increase to $8,777 on Monday. During the day session, it was trading as high as $8,951 suggesting there are no obstacles in the path to $9,000.
On May 28, it dropped down to $8,711 forming its first red candle for the last six days. The move was followed by a second consecutive losing session on May 29 when the most popular cryptocurrency fell even lower to $8,670.
The Digital Assets & Regulation Trade Publication (DIAR) released its latest report stating bitcoin whales increased their holdings during the so-called “crypto winter.”
Currently, almost a third of all BTC coins in circulation (26 percent) are held in addresses that have a balance of 1,000 to 10,000 BTC. For comparison, this value was under 20 percent in August 2018 when the space last saw bitcoin at $8,000. The sharp increase serves as an additional confirmation of the returning bull market as big players continue to accumulate crypto assets.
The IOTA foundation, the organization behind the cryptocurrency project IOTA (MIOTA), announced the launch of the Coordicide solution. The blockchain upgrade will remove the network’s centralized security coordinator making its protocol the “first decentralized and scalable DLT” as per the official announcement from May 28.
The suggested new type of security mechanism to validate all chain transactions will push IOTA’s Tangle technology to the next level of enterprise adoption, free of a single point of security.
The Ethereum token added 2.4 percent to its value to $268 during the previous week and stabilized above the $245 to $250 levels. The next target for bulls before $300 was $280, which was already in range.
The ETH/USD pair opened the new week with another green candle, this time to $271. It was the fifth consecutive day of gains for one of the most popular altcoins as it continued its good performance.
On May 28, it stayed mostly flat, still losing $1 dollar to $270. On May 29, commentators saw another small correction – this time to $269.