ambcrypto.com
More often than not, Bitcoin [BTC] is the propellant for a major market rally. However, the May 6 pump was spearheaded by Ethereum [ETH]. The top altcoin saw a massive rise following what could be the start of a massive price rally, mirroring Bitcoin’s December 2017 bull run.
According to a report, the federal agency was “comfortable” about the prospects of approving an Ether-based futures contract. Given that the late-2017 price rally which pushed Bitcoin to almost $20,000 resulted from the CFTC approving CBOE and CME BTC futures contracts, market participants expected an altcoin version of the same.
Ethereum was trading at $160.64 prior to the announcement and saw a notable incline of 9.41 percent to reach $175.75. A minor correction followed, dropping the price to $172.65. The second cycle of the upswing caused the price to rise by 4.21 percent to close in on the $180 mark.
At press time, the top altcoin saw a whopping 11.21 percent pump against the US Dollar over the past 24 hours. In the same time period, the coin’s market capitalization increased by a massive $12.25 percent to reach $19.05 billion.
ZBG took the top spot in terms of exchange dominance for Ether, accounting for 4.38 percent of the total trade volume in the trading pair ETH/USDT. Other prominent exchanges on the list were DOBI Exchange, BW.com, EXX, and OOOBTC. It should be noted that the most prominent exchange based on Bitwise’s “real” volume analysis is Binance on the 25th spot, accounting for 1.29 percent of ETH volume.
Source: Trading View
Litecoin, the digital silver, with its halving on the horizon, also saw a significant 5.18 percent pump. Over this period, LTC’s price rose from $72.94 to $77.91. However, a correction shaved the price to $76.82, its press time price. The market cap of the coin stood at $4.74 billion, behind Bitcoin Cash by around $500 million.
Tron [TRX] also saw a notable price push, following weeks of relatively meager gains. Owing to its DApp success, the cryptocurrency saw its price rise to $0.0242 over the past 24 hours, with the market cap of the coin standing at $1.61 billion and trailing Cardano [ADA] by just $100 billion.
Monero [XMR], the privacy-centric coin, rose by a notable 6.14 percent against the US Dollar and was trading at $69.21. 24 hours ago, the coin’s price was $64.56 and peaked at $69.94. The market cap of the twelfth largest cryptocurrency in the market was $1.17 billion, at press time.