Crypto at a glance
Cryptocurrencies rallied again yesterday, with Bitcoin (BTC) up about four per cent over the last 24 hours. It’s currently changing hands at around the $57,000 level.
Ether (ETH) also recovered after Tuesday’s sell-off, setting yet another new all-time high of $3,541.46. It’s also up four per cent and, at time of writing, is trading at $3,450. Can they both keep the momentum going into the weekend?
The price bounce comes as US stocks gained on strong economic data, while US Treasury Secretary Janet Yellen also rowed back on her warning about raising interest rates.
There was also big adoption news, with crypto custody giant NYDIG, a subsidiary of $10 billion New York-based asset manager Stone Ridge, announcing that it has partnered with fintech giant Fidelity National Information Services to enable US banks to offer Bitcoin.
The move will likely make the leading cryptocurrency even easier to get for millions of US customers, with hundreds of small banks already enrolled in the scheme. According to Patrick Sells, head of bank solutions at NYDIG, the firm is also in discussions with some of the biggest US lenders. Fidelity National Information is a vendor to banks with nearly 300 million checking accounts. What impact would it have on adoption?
Bitcoin and Ether weren’t the only big winners yesterday, though. Cardano is up 12 per cent over the last day and currently sitting pretty at $1.50. Will it finally hit $2? It was also a big day for the little guy, with Bitcoin Cash and Ethereum Classic both stepping briefly out of their forefathers’ shadows to make gains of 25 per cent and 23 per cent respectively.
Ethereum Classic is now up more than 170 per cent over the last seven days and currently trading at just above $90, having yesterday hit a new all time high of $100.03, which makes Doge look positively sluggish.
Doge, incidentally, is down six per cent over the last 24 hours.
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Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,351,040,971,145, up from $2,257,273,747,595 at this time yesterday.
What Bitcoin did yesterday
We closed yesterday, May 5 2021, at a price of $57,424.01, up from $53,333.54 the day before.
The daily high yesterday was $57,911.36 and the daily low was $52,969.06.
This time last year, the price of Bitcoin closed the day at $9,003.07. In 2019, it closed at $5,795.71.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $1.062 trillion, up from $1.021 trillion yesterday. To put that into context, the market cap of gold is $11.403 trillion and Alphabet (Google) is $1.563 trillion.