Since our previous price watch, the cryptocurrency market cap has remained stable at $333 billion. Larger assets – including Bitcoin, Ethereum and Bitcoin Cash – have experienced very little price movement over the past 24 hours.
Bitcoin, currently ranked #1 by market cap, is up 0.08% over the past 24 hours. BTC has a market cap of $128.16B with a 24 hour volume of $4.78B.
Chart by CryptoCompareRelated Story: Chinese President States Blockchain Is “Reshaping the Global Economic Structure”
On May 28, Chinese President Xi Jinping shared his positive outlook on cryptocurrency and blockchain, evidencing China’s changing stance on the technology. Jinping explained to the press that he plans to open national laboratories, so scientists can better develop and research the blockchain infrastructure to prepare the country for any future revolutions in technology.
In addition, the Chinese State Council’s 13th five-year economic plan mentions blockchain twice. Several startups in China are also partnering with local government branches and officials to implement the technology and perform necessary research.
Ethereum, currently ranked #2 by market cap, is up 0.66% over the past 24 hours. ETH has a market cap of $57.66B with a 24 hour volume of $1.82B.
Chart by CryptoCompareRelated Story: Ethereum’s Active and Unique Addresses Overtake Bitcoin
As the world’s second-largest cryptocurrency by market cap, the Ethereum blockchain hosts around 35 million individual addresses, and up to 100,000 new registrations are being logged each day. According to Bitcoin’s position in March 2018, the father of cryptocurrencies only held a total of 24 million addresses, meaning Ethereum beats out Bitcoin by roughly 11 million.
However, it has been noted that these figures only represent the on-chain transactions. While Ethereum may host 35 million addresses, this does not necessarily amount to 35 million active users. Thus, Bitcoin likely remains the most sought-after cryptocurrency in today’s market.
Ripple, currently ranked #3 by market cap, is up 1.68% over the past 24 hours. XRP has a market cap of $24.39B with a 24 hour volume of $266.62M.
Chart by CryptoCompare
According to cryptocurrency analyst Tomas Salles, some cryptocurrencies including Ripple’s XRP is may possibly increase the coming weeks, as the currency is trading “very close to a clean scenario that might allow a gradually bullish development.”
Salles noted that most investors may feel “a bit out of place” this week due to the shy rises that are being registered amongst Ripple and other major cryptocurrencies, but he assures readers that there’s no reason to be alarmed.
Salles confidently explained:
“This is an opportunity to see less explosive, yet much more sustainable, developments … With many cryptocurrencies in consolidation mode, a less volatile form of behavior might be a very important factor for a more solid bull market.”
Bitcoin Cash, currently ranked #4 by market cap, is up 0.83% over the past 24 hours. BCH has a market cap of $17.15B with a 24 hour volume of $529.32M.
Chart by CryptoCompare
Independent financial consultancy firm, deVere Group added Bitcoin Cash to its crypto exchange app. Users will now be able to store, transfer and exchange Bitcoin Cash alongside the firm’s numerous other cryptocurrencies, which at press time include Bitcoin, Ethereum, Litecoin, XRP, Dash, Monero, EOS and Stellar Lumens. The app is currently available for download through the Apple store and the Google Play store.
Company CEO Nigel Green stated that the move is in response to the customers’ growing consideration and demand for Bitcoin Cash over the last four months:
“The users of the app are demanding an ever-wider, diversified crypto portfolio as the crypto sector expands and moves even further into the mainstream … There’s now surging public awareness of the value, need and demand for digital, global currencies in a digitalized, globalized world.”
Litecoin, currently ranked #6 by market cap, is up 1.06% over the past 24 hours. LTC has a market cap of $6.78B with a 24 hour volume of $290.8M.
Chart by CryptoCompareRelated Story: Litecoin Founder Charlie Lee: LTC Network Extremely Secure, Mining Healthy
On May 29 via Twitter, Litecoin founder Charlie Lee addressed some rising concerns in the Litecoin community. Much of the worry was spurred by a cryptocurrency security site that monitors and tracks the costs of launching a 51 percent attack against proof-of-work cryptocurrencies.The site – known as Crypto51 – suggests that attacks like these are inexpensive to launch and that a one-hour attack targeting the Litecoin network could cost as little as $61,000.
Lee assured his followers that the threat of a 51 percent attack against Litecoin is weak. The founder cited the strong distribution of pools, the high capital costs of a potential attack, and the rapidly increasing Litecoin hash-rate as powerful forms of defense against an attack.
The global cryptocurrency market cap stands at $332.91B with a 24 hour volume of $15.03B. The Coinbase Index is currently sitting at 3524.48. Bitcoin dominance is currently at 38.5%.
Despite a recent uptick in the global market cap, investors are advised to remain cautious. For many top 100 cryptocurrencies, prices are down across the board at press time. Traders are again reminded to only invest what they can afford to lose.
Cover Photo by Alex Blăjan on Unsplash
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