More often than not, Bitcoin [BTC] is the propellant for a major market rally. However, the May 6 pump was spearheaded by Ethereum [ETH]. The top altcoin saw a massive rise following what could be the start of a massive price rally, mirroring Bitcoin’s December 2017 bull run.
According to a report, the federal agency was “comfortable” about the prospects of approving an Ether-based futures contract. Given that the late-2017 price rally which pushed Bitcoin to almost $20,000 resulted from the CFTC approving CBOE and CME BTC futures contracts, market participants expected an altcoin version of the same.
Ethereum was trading at $160.64 prior to the announcement and saw a notable incline of 9.41 percent to reach $175.75. A minor correction followed, dropping the price to $172.65. The second cycle of the upswing caused the price to rise by 4.21 percent to close in on the $180 mark.
At press time, the top altcoin saw a whopping 11.21 percent pump against the US Dollar over the past 24 hours. In the same time period, the coin’s market capitalization increased by a massive $12.25 percent to reach $19.05 billion.
ZBG took the top spot in terms of exchange dominance for Ether, accounting for 4.38 percent of the total trade volume in the trading pair ETH/USDT. Other prominent exchanges on the list were DOBI Exchange, BW.com, EXX, and OOOBTC. It should be noted that the most prominent exchange based on Bitwise’s “real” volume analysis is Binance on the 25th spot, accounting for 1.29 percent of ETH volume.
Litecoin, the digital silver, with its halving on the horizon, also saw a significant 5.18 percent pump. Over this period, LTC’s price rose from $72.94 to $77.91. However, a correction shaved the price to $76.82, its press time price. The market cap of the coin stood at $4.74 billion, behind Bitcoin Cash by around $500 million.
Tron [TRX] also saw a notable price push, following weeks of relatively meager gains. Owing to its DApp success, the cryptocurrency saw its price rise to $0.0242 over the past 24 hours, with the market cap of the coin standing at $1.61 billion and trailing Cardano [ADA] by just $100 billion.
Monero [XMR], the privacy-centric coin, rose by a notable 6.14 percent against the US Dollar and was trading at $69.21. 24 hours ago, the coin’s price was $64.56 and peaked at $69.94. The market cap of the twelfth largest cryptocurrency in the market was $1.17 billion, at press time.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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