Wednesday 15th of May, Bitcoin has fallen below the $8,000 mark again trading at $7,975 at press time, nearly a percent down on the day. The coin is up over 25.7% on the weekly chart, and most of the top cryptocurrencies are reporting moderate gains on the day by press time.
CEO of instant cryptocurrency exchange platform ShapeShift told Bloomberg that bubbles are an essential part of the industry’s growth.
Ether remains the largest altcoin by market cap and currently stand at $24.5 billion, followed by the second largest altcoin XRP, which has a market cap of $17.9 billion at press time. ETH is up over 11% in the last 24 hours and is currently trading around $231. On the weekly chart, the coin has also seen its value increase by over 26.8%.
Joseph Lubin (co-founder of Ethereum) recently stated that the Ethereum coin blockchain would become about 1,000 times more scalable in 18 to 24 months.
The XRP coin has gone up over 5.6% in the last 24 hours and is currently trading around $0.427, on the weekly chart the coin has risen over 29%.
The coins from the top 20 cryptocurrencies reporting the most gains are Tezos, which is up nearly 22%, Binance coin, which is up over 14.5%, Tron and Ethereum classic, both are up over 12%.
The total market capitalization of all cryptocurrencies is $244.3 billion at press time, 24% higher than the value it reported a week ago.
The Units States stock market is seeing significant gains today with S&P 500 up 0.55% and Nasdaq up 0.98% at press time. The CBOE Volatility Index (VIX), has lost a solid 6.26% on the day at press time.