Bitcoin and Top Altcoins See Losses as US Stock Market Sees Slight Uptrend

Most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time.

Friday, May 31 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) still holds over the $8,300 mark, with minor gains on the day.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is nearly 5% down on the day, trading at $8,320 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over 3.7%.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

As Cointelegraph reported earlier today, Michael Novogratz, founder and CEO of cryptocurrency merchant bank Galaxy Digital, has said that he expects bitcoin to consolidate in the $7,000-$10,000 range.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $27.4 billion. The second-largest altcoin, XRP, has a market cap of $17.8 billion at press time.

CoinMarketCap data shows that ETH has seen virtually no movement over the last 24 hours. At press time, ETH is trading around $258. On the week, the coin has also seen its value increase over 2.7%.

Ether 7-day price chart. Source: CoinMarketCap

Ether 7-day price chart. Source: CoinMarketCap

On May 24, New York-based blockchain firm ConsenSys released a new Blockchain and DApp Developer Job Kit to help aspiring Ethereum blockchain developers enter the market.

XRP is over 8% down over the last 24 hours, and is currently trading at around $0.426. On the week, the coin is up over 8%.

XRP 7-day price chart. Source: CoinMarketCap

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the one reporting the most notable price action is bitcoin SV (BSV), which is down about 14% on the day.

At press time, the total market capitalization of all cryptocurrencies is $263.4 billion, nearly 5% higher than the value it reported a week ago.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

In traditional markets, the United States stock market is seeing discrete gains so far today, with the S&P 500 up 0.21% and the Nasdaq up 0.27% at press time. The CBOE Volatility Index (VIX), on the other hand, has gained a solid 11.33% on the day at press time.

Major oil futures and indexes are mostly down today, with WTI Crude down 2.28%, Brent Crude down 2.34% and Mars US down 4.56% at press time. The OPEC Basket is up 2.11% and the Canadian Crude Index has seen its value decrease by 3.15% in the 24 hours by press time, according to OilPrices.

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CryptoNomus: Bitcoin and Top Altcoins See Losses as US Stock Market Sees Slight Uptrend
Bitcoin and Top Altcoins See Losses as US Stock Market Sees Slight Uptrend
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