What a difference! Six months ago, the industry was talking about the end of Bitcoin as we knew it, watching its value going from the $6,000-$6,500 range to less than $4,000 in a matter of weeks whilst taking advantage of the situation to make premature conclusions about its fate as the world’s premier cryptocurrency. Now, the digital asset has shown marked improvements when it comes to price, and people’s view has changed.
On Tuesday, May 21st, the vast majority of the digital assets in the top 20 spots according to CoinMarketCap (a system that ranks them according to their market cap) reported movements in the green, evidencing moderate gains in most cases.
An Impressive Recovery
The most notable case is, of course, Bitcoin. The world’s premier digital asset is already flirting with the $8,000 threshold, which is impressive because it had not even surpassed $4,000 in the middle of March. At the moment of writing this piece, Bitcoin was exchanging hands at $7,931.15, which would represent a 1.27% increase in the last 24 hours. If you look at the weekly chart, BTC is up nearly 2.50%.
The situation (Bitcoin being near the $8,000 mark) comes in a moment in which the United States Securities and Exchange Commission reported at the start of the week that they are “still in information-gathering mode” related to a BTC exchange-traded fund (ETF) from VanEck.
The most impressive performance of the day, however, belongs to Bitcoin SV. The project started last year, specifically in mid-November, as a result of Bitcoin Cash’s hard fork that divided BCH in Bitcoin SV and Bitcoin ABC, two different blockchains.
Bitcoin SV: A Massive Gain in the Last Few Hours
Bitcoin SV, a project with which Craig Wright is deeply associated, reported impressive gains of 102% in the last day at its peak. At the moment of writing this piece, the token had stabilized and was trading at $97.58, a 57.34 increase in the most recent 24 hours.
Wright made news this week because of his initiative to register Bitcoin’s whitepaper under US copyright laws. He also filed US copyright registrations for Bitcoin’s code, in an attempt to reaffirm his status as Satoshi Nakamoto, not without controversy, of course.
Ethereum (ETH) is still the second ranked cryptocurrency by market cap, and the top altcoin for that matter, with $26.9 billion. Its value is holding steady at $253.61, which represents a 2.67% increase in the last 24-hour period. Ethereum has showed an impressive weekly performance, with an increase of 18.5%.
Ripple is the second-ranked altcoin and the third crypto asset overall in CoinMarketCap’s ranking, with a total market capitalization of $16.7 billion. At the moment of this writing, it was trading at $0.397328, a 1.24% surge in the last day.
Green all over the Place
The crypto industry’s total market capitalization continues to grow, hand to hand with Bitcoin’s and the top altcoins’ surge. Right now, the number stands at $248.5 billion, which is a 3% increase over the last week.
Nearly all of the top ranked cryptocurrencies in CoinMarketCap’s page reported gains in the last day. In fact, only two of the top-20 digital assets showed red, both of the modest variety: Dash, ranked in the 14th place, with a 0.95 loss, and 17th-ranked Cosmos, with a 1.36% fall.
By Andres Chavez