Tuesday, May 7 — following some moderate losses yesterday, the crypto markets have rallied to break new 2019 highs today, with bitcoin (BTC) inching close to $6,000.
All the top 20 coins by market cap are solidly in green at press time, with ether (ETH) and tezos (XTZ) seeing the biggest gains over the past 24 hours at press time.
Market visualization from Coin360
After slipping under the $5,700 threshold yesterday, bitcoin rose 4.4% to trade at $5,947 at press time. The major cryptocurrency has broken the $5,900 support for the first time in 2019, while still hovering around the price points of November 2018. The biggest cryptocurrency is seeing one of the biggest gains among the top 20 coins over the past 7 days, up around 12.7%.
Bitcoin 24-hour price chart
Bitcoin 24-hour price chart. Source: CoinMarketCap
Ether, the second-largest cryptocurrency by market cap, is trading at $177, up 8.3% over the past 24 hours at press time.
Ether 7-day price chart
Ether 7-day price chart. Source: CoinMarketCap
XRP, the third-top cryptocurrency by market cap, is slightly up 1.6% to trading at $0.304.
XRP 7-day price chart
XRP 7-day price chart. Source: CoinMarketCap
Total market capitalization amounts to $188 billion at press time, up from $180 billion in the beginning of the day, while daily trading volume surged from $47 billion to $55 billion at press time.
Total market capitalization 7-day chart
Total market capitalization 7-day chart. Source: CoinMarketCap
On May 6, Bloomberg reported that $7 trillion investment firm Fidelity is reportedly soon planning to launch bitcoin trading for institutional clients.
Meanwhile, the United States stock market continued to drop today, with the Dow Jones Industrial Average (DJIA) slipping more than 130 points at the open, as CNBC reports. At press time, the DJIA is down 0.25%, while the S&P 500 (SPX) and Nasdaq (NASDAQ) Composite both declined about 0.5%. At press time, West Texas Intermediate (WTI) crude oil is down 1%, while Brent crude and the OPEC basket dropped 1.2% and 0.5% respectively, according to Oilprice.com.