Bitcoin Worth Over $7,400 Again as US Stock Market Sees Moderate Downturn

Monday, May 13 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time, as bitcoin (BTC) has crossed the $7,400 mark.

Market visualization courtesy of Coin360

Bitcoin is up over 5.2% on the day, trading at $7,431 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over more than 22%.

Bitcoin 7-day price chart. Source: CoinMarketCap

As Cointelegraph reported earlier today, consumer electronics giant HTC announced the future launch of the Exodus 1S smartphone with bitcoin full node capability.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $20.5 billion. The second-largest altcoin, XRP, has a market cap of $13.5 billion at press time.

CoinMarketCap data shows that ETH is up over 2% over the last 24 hours. At press time, ETH is trading around $193. On the week, the coin has also seen its value increase by over 15%.

Ether 7-day price chart. Source: CoinMarketCap

Ethereum co-founder Joseph Lubin said that the Ethereum blockchain will become about 1,000 times more scalable in 18 to 24 months during a recent interview with Cointelegraph.

XRP is up over 3.5% over the last 24 hours and is currently trading at around $0.324. On the week, the coin is up 7.7%.

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the ones reporting the most notable gains are binance coin (BNB) and dash, both up about 11%.

At press time, the total market capitalization of all cryptocurrencies is $220.5 billion, nearly 18% higher than the value it reported a week ago.

Total market capitalization 24-hour chart. Source: CoinMarketCap

In traditional markets, the United States stock market is seeing a moderate downturn so far today, with the S&P 500 down 2.3% and the Nasdaq down 2.96% at press time. The CBOE Volatility Index (VIX), on the other hand, has gained a solid 30.61% on the day at press time.

Major oil futures and indexes are seeing mixed movements today, with WTI Crude up 2.08%, Brent Crude up 2.25% and Mars US down 0.13% at press time. The OPEC Basket is also down 0.31% and the Canadian Crude Index has gained 2.89% by press time, according to OilPrices.