At press time, many cryptocurrencies are in the green, a relatively positive end to a volatile week. Bitcoin, for instance, incurred $100 spikes throughout the week, nearing $8,000.
Bitcoin, currently ranked #1 by market cap, is down 0.8% over the past 24 hours. BTC has a market cap of $130.19B with a 24 hour volume of $4.9B.
Chart by CryptoCompare
Bitcoin is down 0.8% over the past 24 hours.
In addition to nearly reaching $8,000 this week, BTC fees dropped to its lowest since 2011. According to transactionfee.info the median fee is below 10 sats/byte and at 8.43 sats/byte as of May 29, 2018, compared to early 2018 when fees were at 453.57 sats/byte. This change is attributed to the soft fork Segregated Witness (SegWit) as well as the increased use of The Lightning Network.
A continued drop in median transaction fees will be good news for the market as it makes crypto more accessible and functional in daily life.
Ethereum, currently ranked #2 by market cap, is up 1.26% over the past 24 hours. ETH has a market cap of $60.67B with a 24 hour volume of $1.85B.
Chart by CryptoCompare
Ethereum is up 1.26% over the past 24 hours.
On May 30th, Vitalik Buterin participated in an AMA with OmiseGo team members. In the video, Vitalik talked about how two upcoming Ethereum-based technologies, sharding, and plasma will be able to help the Ethereum network eventually reach one million transactions per second.
In the interview, Buterin describes the impact of the emerging scaling solutions on the Ethereum network:
“So if you get a 100x from Sharding and a 100x from Plasma, those two basically give you a 10,000x scalability gain, which basically means blockchains will be powerful enough to handle most applications most people are trying to do with them.”
Ripple, currently ranked #3 by market cap, is up 2.16% over the past 24 hours. XRP has a market cap of $26.05B with a 24 hour volume of $475.82M.
Chart by CryptoCompare
Ripple is up 2.16% over the past 24 hours.
Ripple recently joined with Kuwait Finance House (KFH), making it the nation’s first banks to work with XRP and provide cross-border remittances.
This XRP partnership connects KFH to a worldwide blockchain network of over 100 financial institutions. Lastly, digital currency analyst Thomas Salles suggested that Ripple is headed for a boost in the coming weeks.
Litecoin, currently ranked #6 by market cap, is down 1.33% over the past 24 hours. LTC has a market cap of $6.94B with a 24 hour volume of $325.6M.
Chart by CryptoCompare
Litecoin is down 1.33% over the past 24 hours.
The LTC network has undergone recent security improvements as concerns about a potential 51% attack targeting the Litecoin network were addressed by founder, Charlie Lee, who doesn’t appear to be worried about possible attacks.
Lee also asserts that miners are unlikely to attack Litecoin and vouches for the overall security of the LTC network.
Conclusion
The global cryptocurrency market cap stands at $343.97B with a 24 hour volume of $16.75B. The Coinbase Index is currently sitting at 3661.17. Bitcoin dominance is currently at 37.85%.
The global market cap stands $32 billion higher than where it began the week. While this is an encouraging sign after a few rocky past few weeks, investors are warned that the cryptocurrency market is extremely volatile and can reverse at any moment.
Cover Photo by Adrian on Unsplash
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
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Author
Nick Marinoff
Nick Marinoff is an author, writer, and journalist that has been covering the cryptocurrency arena since 2014. In the past, he has served as a news writer and editor for Money & Tech, and as a senior writer several cryptocurrency websites. He also has several guest publications under his belt from Sludge Feed to Coin Journal to Digital Gold Magazine. He has since traveled extensively to libraries, offices and other locations delivering seminars on the book’s subject matter and the growing student debt crisis in America.
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