Market Update 5.19.18 – Zcash Beats Other Cryptos in Weekly Gains
Market News
Zcash Beats Other Cryptos in Weekly Gains
Despite the fact that the overall cryptocurrency market is in the grip of a bearish sentiment, smaller cryptocurrencies such as Zcash (ZEC), Binance Coin (BNB) and Lisk (LSK) have managed to swim against the tide.
In fact, Zcash ended the week on a 49.95% gain, reaching its current market price of $358.12. It is currently ranked number 20 in terms of market capitalization. This jump in the cryptocurrency’s price has been attributed to the Winklevoss Twins adding Zcash to their crypto exchange Gemini.
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Indian Supreme Court Upholds Crypto Ban
The Supreme Court of India issued a decision that no petition could be filed against the country’s central bank, the Reserve Bank of India (RBI) in High Court in the country with regard to its decision about banning financial institutions from transacting in cryptocurrencies. The Supreme Court has decided not to pause the RBI crypto ban until the hearing date to address existing petitions on July 20.
The irony of the situation is that despite its zero-tolerance attitude towards any form of trading in cryptocurrencies, the RBI is reported to be thinking about issuing its own central bank digital currency (CBDC).
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Switzerland Most Crypto Friendly Country in Europe
According to a recent study released by the blockchain conference BlockShow Europe, Switzerland is now ranked number one out of the top 10 European countries for having started crypto and blockchain related companies. The second and third spot were taken by Gibraltar and Malta, respectively. This study was done on 48 European countries, which were ranked based on their regulations on Initial Coin Offerings (ICOs), crypto-as-a-payment-service regulations as well as tax frameworks for cryptocurrencies.
Switzerland is known as a crypto-friendly nation due to the creation of the cryptocurrency hub, Crypto Valley in Zug, as well as because of the fact that it is a tax-free haven for investors in cryptos.
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Total Market Cap: May 19
Bearish sentiment continues in the crypto market as trading volume dropped even lower to $16.76 billion in the last 24 hours. Market capitalization also dropped to $373.99 billion.
Bitcoin Price Analysis: May 19
BTC’s price gained slightly to $8227.25, marking a 1.26% increase from yesterday. Trading volume for BTC is $5.15 billion and its value in the market is at $140.20 billion.
Ethereum Price Analysis: May 19
Ethereum’s price increased by 1.56% in the past 24 hours to trade at $691.38. Trading volume in the altcoin is $2.07 billion and its market capitalization is $68.93 billion.
State of the Top 10 Cryptocurrencies: May 19
The cryptocurrency market still in the grips of a bearing sentiment with the top ten cryptocurrencies barely moving in either direction. Bitcoin fell below the $8,000 market earlier in the day, but managed to pull itself out of that plunge to gain 1.26% over yesterday to trade at a current price of $8227.25. Experts are expecting this slump to continue into the next week too.
- Bitcoin’s price gained 1.26% to $8227.25 and its capitalization in the market is currently $140.20 billion.
- Ethereum’s price gained 1.56% to $691.38 and its capitalization in the market is currently $68.93 billion.
- Ripple’s price lost 0.85% to $0.669354 and its capitalization in the market is currently $26.23 billion.
- Bitcoin Cash’s price lost 3.05% to $1173.88 and its capitalization in the market is currently $20.11 billion.
- EOS’s price lost 0.23% to $12.78 and its capitalization in the market is currently $11.05 billion.
- Litecoin’s price gained 1.63% to $134.72 and its capitalization in the market is currently $7.62 billion.
- Cardano’s price gained 0.02% to $0.241455 and its capitalization in the market is currently $6.26 billion.
- Stellar’s price gained 0.27% to $0.315775 and its capitalization in the market is currently $5.86 billion.
- IOTA’s price gained 0.57% to $1.74 and its capitalization in the market is currently $4.83 billion.
- TRON’s price gained 0.52% to $0.068054 and its capitalization in the market is currently $4.47 billion.