Bitcoin Price Approaches $8,600 as Top Cryptos See Slight Gains

newsdesk - June 1, 2019 - Blockchain Technology /

Saturday, June 1 — most of the top 20 cryptocurrencies are reporting slight gains on the day by press time, as bitcoin (BTC) approaches the $8,600 mark.

Market visualization courtesy of Coin360

Bitcoin is up just over 1% on the day, trading at $8,532 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over 6%.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap

Recently released research from United States-based blockchain intelligence firm Chainalysis indicates that only 1.3% of economic transactions for bitcoin came from merchants in the first four months of 2019.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $28.2 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $18 billion at press time.

CoinMarketCap data shows that ETH has also seen its value increase by about 1% over the last 24 hours. At press time, ETH is trading around $265. On the week, the coin has also seen its value increase almost 6%.

Ether 7-day price chart. Source: CoinMarketCap

Ether 7-day price chart. Source: CoinMarketCap

XRP is up just a fraction of a percent over the last 24 hours and is currently trading at around $0.428. On the week, the coin is up almost 11%.

XRP 7-day price chart. Source: CoinMarketCap

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the tron (TRX) is reporting the most notable price action, up almost 20% on the day and 37% on the week by press time.

At press time, the total market capitalization of all cryptocurrencies is $270.2 billion, nearly 8% 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

As Cointelegraph reported yesterday, G20’s international watchdog, the Switzerland-based Financial Stability Board, said in its latest report that regulators need to improve their risk assessment strategies regarding financial activity in the crypto space.

Today, Cointelegraph reported that the United States is the top source of traffic to cryptocurrency exchanges globally, with Japan coming in second place.

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