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The widely publicized rally of Bitcoin (BTC) and other cryptocurrencies have carried over into the month a May. Recent trading pushed the top crypto’s value over the $7000 in the midst of some mild declines over the weekend. Heading into the third week of trading in May, there is some concern that a mild correction could take place.
Citing the recent prices at ArmyOfBitcoin.com, bitcoin slipped 0.79 percent on Sunday to $7,036. Holding the $7,000 level in this week’s trading sessions could be a key indicator of where the crypto market is heading. Despite some lingering concerns by investors of a possible correction, Monday’s early 5.5 percent gain is a very encouraging sign.
BTC did reach the $7,500 level in early trading before retreating back to the $7,000 level at day’s end. Monday’s early boost has the value topping $7,300 in the most recent values. This crypto continues to carry other digital currencies along for the ride, with Ethereum (ETH) up close to five percent on Monday at a value of $193. Bitcoin Cash (BCH) is trading at the $365 level for an increase of five percent. ETH is considered to be the highest valued altcoin according to its market cap. The second largest is Ripple’s XRP which is also up over five percent on Monday in early trading.
Following Sunday’s trading session, the total market capitalization of the entire crypto industry was valued at $212 billion. This reflects an increase of nearly 17 percent from just one week ago.
In other crypto news impacting the market, Messari Ryan Selkis predicted that Ethereum version 2.0’s transition to proof-of-stake will be delayed until 2021. This information was released by the CEO of this crypto analytics firm.
It was also noted that Galaxy Digital CEO Michael Novogratz continue to tout decentralized Web 3.0 as a potential game changer. Still, in the development stage, this could revolutionize the internet as we know it today. The driving force of this change would be tied to:
The Web 3.0 phenomenon has been covered in detail on numerous websites tied to crypto industry insiders.
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