Bitcoin Approaches $8,000 as Major Oil Futures See Losses

Most of the top 20 cryptocurrencies are reporting moderate gains on the day as bitcoin approaches the $8,000 mark again.

Friday, May 24 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time, as bitcoin (BTC) approaches the $8,000 mark again.

Market visualization

Market visualization courtesy of Coin360

Bitcoin is up over 5% on the day, trading at $7,990 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 8.42%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Earlier this week, CEO of Morgan Creek Capital Mark Yusko said bitcoin should be in every investor’s portfolio.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.6 billion. The second-largest altcoin, XRP, has a market cap of $16.2 billion at press time.

CoinMarketCap data shows that ETH is up over 6% over the last 24 hours. At press time, ETH is trading around $251. On the week, the coin has also seen its value increase by about 4.78%.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

XRP is about 4% up over the last 24 hours and is currently trading at around $0.386. On the week, the coin is up over 2.3%.

XRP 7-day price chart

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the only one reporting losses is bitcoin sv (BSV), which is nearly 1% down at press time.

At press time, the total market capitalization of all cryptocurrencies is $249.5 billion, less than 7.8% higher than the value it reported a week ago.

Total market capitalization 7-day chart

Total market capitalization 7-day chart. Source: CoinMarketCap

As Cointelegraph reported earlier today, United States telecom and media giant AT&T is now accepting cryptocurrency for paying phone bills online.

In traditional markets, the United States stock market is seeing discrete losses so far today, with the S&P 500 down 1.19% and the Nasdaq down 1.58% at press time. The CBOE Volatility Index (VIX), on the other hand, has lost a solid 5.61% on the day at press time.

Major oil futures and indexes are mostly down today, with WTI Crude up 1.05%, Brent Crude up 1.1% and Mars US down 4.85% at press time. The OPEC Basket is down 0.95% and the Canadian Crude Index seen its value loose 8.22% by press time, according to OilPrices.

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Author: Adrian Zmudzinski

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