Bitcoin Holds Over $8,000 as Top Altcoins See Minor Losses

Saturday, May 25 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) still holds over the $8,000 mark, with minor gains on the day.

Market visualization courtesy of Coin360

Bitcoin is a fraction of a percent up on the day, trading at $8,025 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up about 9.4%.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.6 billion. The second-largest altcoin, XRP, has a market cap of $16.2 billion at press time.

CoinMarketCap data shows that ETH is nearly 0.41% down over the last 24 hours. At press time, ETH is trading around $251. On the week, the coin has also seen its value increase almost 6%.

Ether 7-day price chart. Source: CoinMarketCap

Yesterday, news broke that Ethereum co-founder Vitalik Buterin proposed creating an on-chain smart contract-based ether mixer.

XRP is over half of a percent down over the last 24 hours and is currently trading at around $0.385. On the week, the coin is up over 3%.

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the one reporting the most notable price action is bitcoin SV (BSV), which is down over seven percent on the day. As Cointelegraph reported on May 21, BSV promoter and self-proclaimed Satoshi Nakamoto Craig Wright filed U.S. copyright registrations for bitcoin’s whitepaper and code. Following the news, BSV’s price jumped over 100%.

At press time, the total market capitalization of all cryptocurrencies is $250.8 billion, over eight percent higher than the value it reported a week ago.

Total market capitalization 7-day chart. Source: CoinMarketCap

As Cointelegraph reported yesterday, privacy-focused encrypted instant messaging service Telegram has created a new programming language for its Telegram Open Network (TON).

In other industry news, according to a recent report, the initial coin offerings sector is showing signs of an uptick due to positive investor sentiment, apparently spurred by the recent crypto market rally.