Around 20:00 (UTC + 01:00) on Sunday (May 26), another Bitcoin (BTC) price rally started, which within six hours had taken the price of the world’s most valuable cryptocurrency by market cap to levels last seen in March 2018.
Let’s start by taking at looking at the 24-hour price chart (note that the times shown are UTC + 01:00):
As you can see, this latest BTC price rally started at 20:00 (UTC + 01:00) on May 26, when the BTC price was at $8,021, and by 02:00 (UTC + 01), it had reached $8,915, a level last seen in March 2018.
At press time (06:45 UTC + 01:00 on May 27), according to data from CryptoCompare, Bitcoin has come down to around $8,735 (giving it a market cap of $155 billion), up 8.96% in the past 24-hour period.
Here are the return on investment (ROI) figures that show how Bitcoin has performed against the U.S. dollar:
- year-to-date: +135.98%
- one week: +10.41%
- one month: +69.08%
- three months: +129.78%
- one year: +19.92%
- five years: +1301.18%
As for the altcoins, all top 20 cryptoassets are enjoying decent gains in the past 24-hour period, with the biggest gainers being Litecoin (LTC), TRON (TRON), and Bitcoin (SV):
- XRP: $0.411 (+6.87%)
- Ethereum (ETH): $267.80 (+7.6%)
- Stellar Lumen (XLM): $0.133 (+7.15%)
- EOS: $6.94 (+9.31%)
- Litecoin (LTC): $113.64 (+11.08) — next Litecoin block reward halving event is in just 70 days
- Bitcoin Cash (BCH): $437.24 (+9.3%) — the May 15 hard fork added privacy support by introducing Schnorr signatures
- TRON (TRX): $0.0326 (+17.25%) — TRON CEO Justin Sun tweeted on May 26 that after June 1 he would announce something “something huge and amazing” involving TRON and BitTorrent has helped the prices of both TRX and BTT to go up 17.25% and 30.86% respectively
- Binance Coin (BNB): 34.51 ++2.24%) — the excellent performance of all tokens launched in 2019 on Binance’s initial exchange offering (IEO) platform, Binance Launchpad, is helping BNB to keep setting new ATHs
- Bitcoin SV (BSV): $107.76 (+18.29%) — the recent announcement that the U.S. Copyright Office has registered in Dr. Craig Wright’s name copyrights for the Bitcoin whitepaper and the Bitcoin source code seems to have given BSV a new lease of life
At the time of writing, the total crypto market cap is around $257 billion, and BTC dominance is at 60.28%.
Here is what Peter Brandt, author of “Diary of a Professional Commodity Trader”, had to say shortly after Bitcoin had broken through the $8,900 resistance level:
This is the FOMO phase of the advance. Once the majority of sold-out crypto bulls capitulate and chase this rally a more sizable correction will likely occur, stopping out the same bulls, who are chasing this advance. pic.twitter.com/xqeIWKfwEQ
— Peter Brandt (@PeterLBrandt) May 27, 2019
Meanwhile, CNBC’s Fast Money was wondering if Bitcoin could soon rreach $10K (which angered many in the crypto community who believe that CNBC being bullish on Bitcoin should be seen as a contrarian indicator):
It happened. Could $10k be next for bitcoin? pic.twitter.com/NAfMHSe1dt
— CNBC’s Fast Money (@CNBCFastMoney) May 27, 2019
Featured Image Credit: Photo via Pexels.com