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It Was A Bumper Harvest As Bitcoin Breached $7000 Zone Last Week

Weekly Market Updates

It Was A Bumper Harvest As Bitcoin Breached $7000 Zone Last Week

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It was a roller coaster last week on the Crypto Markets prompting experts to say it is time to write an obituary about the bear market. Bitcoin shot from $6400 to $7500 within the week.

It reached its crescendo at the Beginning of the weekend when it was indicated crossing the $7000 line. On Sunday early morning the pump was getting so exciting many thought it might go through to the $8000 mark.

Very characteristic of a Bitcoin price rally, most of the top coins on top 10 to 100 were hauled along making it a green week on the markets. It was all euphoria through the global community.

By Saturday afternoon GMT+4, the first Cryptocurrency market mover was trading around $7120. On Sunday it traded up to $7500 and ETH newly sold for $200.

The rally added more than $20 billion to the entire market cap of the ecosystem. However, the markets started shedding some gains late afternoon on Sunday closing with a cumulative market cap of almost $212 billion at midnight GMT+4 on Sunday.

Moreover, Bitcoin’s market capitalisation was over $124 billion when this report was filed.

Four top 10 coins posted double digits of earnings for the last seven days. There were only three losses which were very negligible except Bitnance.

Top 10 Markets Statistics At Midnight On Sunday

Bitcoin’s impressive pump for the week added 21.95% to its hodlers’ portfolio and closed the week with the price of $7035. Its market dominance has risen to 59.1% adding a whopping $1862.59 representing 36.86 increments in May.

With a 19.75% weekly growth rate, Bitcoin Cash price was $350.96. The soon to be an anonymous coin, therefore, became the second most profitable coin.

ETH didn’t disappoint its community either. It acquired 15.19% extension to sell at $187.52.

In the meantime, Charlie Lee’s Litecoin sprung 12.80% with exchanges listing the price at $85.78. At the peak of the bull run over the weekend the price went to $92.

EOS finished the seven days under review to post a $5.34 price. The earnings margin was 9.48%.

Cardano also swelled 6.33% to become the last but two growth rate on the top 10. The price was $0.070338.

The least pump came from the camp of XRP. It was a 2.69% gains and a price of $0.310150.

The infamous hack of BNB last week affected its rankings, and it took a massive slump. It went down 10.16% attended by the price of $20.52.

Still, on the decline list, USDT threw away 0.31% while its price was 0.997838. XLM had the least decline registering a 0.29% descent and could be bought at $0.098638.

Major Industry News

On Wednesday hackers stole 7000 BTC worth $40 million from Binance. Initially, the platform’s CEO, Changpeng Zhao announced they would do a rollback on the Bitcoin network but later rescinded the decision.

On Thursday, Crypto Wallet Abra Added In-App Support for thousands of US Banks. The company announced that the new feature is possible through an integration with Plaid, a fintech service that allows applications to connect with a user bank account.

Bloomberg reported on Monday that Fidelity Investments would launch a cryptocurrency trading service in the coming weeks. Their focus is on institutional customers.

Frisco d'Anconia

Frisco d'Anconia is a journalist by profession and a Free Market Policy analyst. Through Africa Youth Peace Call which he founded in 1997, more than 2000 African youth were educated in Free Markets Economics and entrepreneurship. Many of these people have moved on to start businesses and institutions to advocate for market reforms in Africa. In 2007, he won the 1st Prize of the Mont Pelerin Society Essay Competition for Africans under 30 with an essay on Ghana's Telecommunication Liberalization. This man single-handedly brought Bitcoin/Cryptocurrency and Libertarianism to his native Ghana. Since 2011, he has been spreading Blockchain technologies in Ghana through his Liberty and Entrepreneurship Camps. He has written for the Cointelegraph, CryptoCoinsNews, Core Media, Bitcoinchaser and others with the pen name Frisco d'Anconia. From 2016, he is travelling through Africa promoting and writing about Blockchain technologies and its communities for the Crypto journals. So far the Cryptotraveler/Cryptovagabond as he's popularly known has been to 22 African Countries attending conferences, organising Meet-ups and promoting Blockchain Projects. He lives on, and solely earns Crypto and has no bank account. He ardently holds that Blockchain technologies are the answer to Africa's copious malaise. Currently, Mauritius is his base where he runs Qubitica LTD, a Blockchain Company as CEO, and as the Managing Editor of QBITtimes. His interests are Economic Freedom in the world, Fintech, writing, teaching, travelling and children, and has two beautiful daughters.

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