The cryptocurrency markets achieved a near-comprehensive advance on Friday, bolstered by several reports that South Korea was not currently seeking a blanket ban on cryptocurrency trading. The ripple price headlined the day after MoneyGram revealed that it would adopt XRP in an open-ended pilot, while every other top 15-coin or token rose against the dollar as well.
These rallies combined to lift the cryptocurrency market cap by nearly $40 billion, from $673 billion on Thursday to $712 billion today — a 24-hour increase of six percent.
The bitcoin price rose about three percent for the day, bringing it close to $14,000 on all major exchanges. On Bitfinex, the bitcoin price briefly surpassed that mark this morning but had subsided to $13,852 by the time of writing, although the flagship cryptocurrency’s global average held at $14,180 due to higher premiums on Binance and bitFlyer. This provides bitcoin with a $238.2 billion market cap.
The moderate rally was spurred by reports that — contrary to suggestions in an earlier statement from South Korea’s Ministry of Justice — the government’s cryptocurrency task force had not decided to ban cryptocurrency trading in the country.
The ethereum price also posted a three percent increase, enabling it to inch back above the $1,200 barrier on Bitfinex and other major exchanges. At present, the global average ethereum price is trading at $1,240, which translates into $120.3 billion market cap.
Neither bitcoin or ethereum could match the performance of ripple, however. The third-ranked cryptocurrency soared by 18 percent after money transfer service MoneyGram announced that it would adopt XRP in an open-ended blockchain payments trial. At present, the ripple price is valued at just below $2 on Bittrex, while its global average is $2.06. This gives ripple a circulating market cap of $79.6 billion.
The majority of top 100-ranked altcoins rose against the dollar on Friday, but EOS and stellar returned what were far and away the best single-day performances.
The bitcoin cash price rose by four percent to $2,556, while fifth-ranked cardano increased by eight percent to $0.73. EOS, meanwhile, exploded by 48 percent after the company teased that it will livestream an announcement from Seoul on Saturday.
Litecoin, ranked seventh, rose by four percent to $239, and NEM added eight percent to crack the $12 billion market cap threshold.
Next to EOS, the stellar price posted the best performance among top 10-cryptocurrencies, rising 36 percent after CNBC contributor Brian Kelly told viewers that it could be the “next coin to surge.”
IOTA rounded out the top 10 with a six percent increase to $3.60, which raised the token’s market cap to just above $10 billion.
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Last modified: May 20, 2020 9:11 PM