Crypto Markets Show Signs of Recovery, While Oil Prices Slump

Friday, May 31 — cryptocurrencies are on the rise again after seeing a slight correction yesterday, May 30, with EOS (EOS) being the only coin among the top-20 cryptocurrencies to register double-digit gains.

Market visualization by Coin360

The leading digital currency bitcoin (BTC) is up slightly over 3% on the day, and is trading at $8,573 at press time. On its weekly chart, bitcoin saw its lowest price point at $7,924 on May 26, while its highest price point of $8,994 was on May 30.

Bitcoin 7-day price chart. Source: CoinMarketCap

Meanwhile, only 1.3% of economic transactions for bitcoin came from merchants in the first four months of 2019, according to recent research from United States-based blockchain intelligence firm Chainalysis.

The second largest coin by market capitalization, ether (ETH), is up by 4.86% in the last 24 hours, and is trading at $268.75 at press time.

Ernst & Young’s head of innovation, Paul Brody stated earlier today that 83% of decentralized applications (DApps) on the Ethereum network are “not in the most productive uses.” Brody noted that 14% of Ethereum-based DApps are used at cryptocurrency exchanges, while most of them are used for gambling and gaming, accounting for 44% and 13% of DApps, respectively.

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) has seen a 3.58% increase in its price over the day to trade at around $0.438 at press time. The altcoin started the week at the $0.383 price point.

XRP 7-day price chart. Source: CoinMarketCap

EOS has shown over 15% growth on the day, and is trading at around $8.58 at press time. At the beginning of the day, EOS was trading at $7.32, dipping to as low as $7.28.

EOS 7-day price chart. Source: CoinMarketCap

The remaining coins on CoinMarketCap’s top-20 list have registered gains between modest 0.13% and 10%, with none of the coins in the red.

Total market capitalization of all digital currencies is over $272 billion at press time, up around $25 billion from its intraweek low of around $247 billion on May 26.

Total market capitalization 7-day chart. Source: CoinMarketCap

As CNBC reported earlier today, oil prices slumped, with Brent crude futures falling $2.40, or 3.59%, to $64.47 a barrel, and U.S. West Texas Intermediate (WTI) crude futures decreasing 5.5% to $53.50 per barrel.

The drop purportedly follows U.S. President Donald Trump’s decision to increase tariffs unless Mexico stopped people from illegally crossing into the United States. The plan would impose a 5% tariff on Mexican imports starting on June 10 and increase monthly, up to 25% on Oct. 1.