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May 4 Market Update: Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) Uptrend

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The cryptocurrency market was on fire overnight with strong gains being made across the board.

This took the value of the entire crypto market to over US$455 billion according to Coin Market Cap, up 5.7% since this time yesterday.

Here is the state of play on Friday morning:

The Bitcoin (BTC) price has climbed 5% over the last 24 hours to US$9,650.72 per coin, lifting its market capitalisation to US$164.2 billion. Overnight CoinDesk reported that Goldman Sachs plans to use its own money to trade bitcoin futures on behalf of its clients.

The Ethereum (ETH) price has been a huge mover during the last 24 hours and is up 12.3% to US$766.21 per token. This strong increase takes the popular cryptocurrency’s market capitalisation to US$76 billion. The catalyst for this strong gain appears to be the fact that Ethereum has broken through a key resistance level of US$700.

Ripple (XRP) price has pushed 2.6% higher since this time yesterday to 88 U.S. cents. This lifts XRP’s market capitalisation up to US$34.5 billion.

The Bitcoin Cash (BCH) price has continued its impressive run and is up a further 2.9% over the last 24 hours to US$1,500.02 per token. The Bitcoin offshoot’s market capitalisation has now increased to US$25.7 billion after more than doubling in the space of a month.

The EOS (EOS) price has been the worst performing major coin with a 5.3% decline since this time yesterday to US$17.96 per token. This reduces the EOS market capitalisation to just under US$15 billion. EOS has been on a tear over the last seven days, so this could be a case of profit-taking today.

Outside the top five it was a similar story.

Cardano (ADA) edged 0.9% higher, Litecoin (LTC) surged 7% higher, IOTA (MIOTA) was up 13%, and Stellar (XLM) and TRON(TRX) dropped slightly lower.

What’s next?

If trader sentiment remains bullish then I wouldn’t be surprised to see the Bitcoin price break through the symbolic US$10,000 mark in the coming days. But as we have seen many times before, sentiment can shift very quickly, so this is far from guaranteed.

Will the bull run continue? Time will tell.

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