Bitcoin and Top Altcoins See Losses as US Stock Market Sees Slight Uptrend

[Goodcat49]

Friday, May 31 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) still holds over the $8,300 mark, with minor gains on the day.

Bitcoin is nearly 5% down on the day, trading at $8,320 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over 3.7%.

Michael Novogratz, founder and CEO of cryptocurrency merchant bank Galaxy Digital, has said that he expects bitcoin to consolidate in the $7,000-$10,000 range.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $27.4 billion. The second-largest altcoin, XRP, has a market cap of $17.8 billion at press time.

CoinMarketCap data shows that ETH has seen virtually no movement over the last 24 hours. At press time, ETH is trading around $258. On the week, the coin has also seen its value increase over 2.7%.

https://cointelegraph.com/news/bitcoin-and-top-altcoins-see-losses-as-us-stock-market-sees-slight-uptrend