Commodity Blog

Bitcoin bulls took charge over the weekend, smashing through the $8,000 barrier and consolidating prices. The cryptocurrency reached new highs for the year, trading at $8,900 on Sunday, May 26. Market capitalization also rose to $150 billion. Analysis also shows that Bitcoin’s tweet volume is currently nearly double the average rate, which is seen by some as a positive sign, as it means that the digital gold is being talked about. Many experts expect Bitcoin to now push above $9,000, potentially towards $9,600 before any correction.

It wasn’t just Bitcoin prices that saw gains over the weekend, as BTC also took major alt coins with it. EOS has seen further gains today, with prices increasing more than 12%, pushing it beyond Litecoin to become the 5th largest coin by market cap.

After months of stagnation and price dips, traders have been waiting for an end to the so-called crypto winter, and most analysts agree that we could have seen the end. Not only has Bitcoin pushed through several major barriers, but it has also consolidated prices and remained above these levels. Although prices dropped from yearly highs, down to around $8,500, they have started to make ground once again, tipping the scales at just over $8,700.

While Bitcoin has made significant ground, it is EOS that has made the greatest gains. It has increased around 15% in the past 24 hours, following news that the blockchain’s founder Block.one is looking to buy back approximately 10% of its stock. The company is making the move ahead of a major announcement due on June 1. However, not everybody shares positive sentiment for the project. Ethereum co-founder, Joesph Lubin, was questioned about Ethereum’s competitors and said of Tron and EOS that they are attempting to fake it until they make it. Lubin did concede that there were some very positive projects in the industry, and said that anything positive helps the market as a whole.

Bitcoin (BTC) is currently holding at around $8,719.20 while its biggest competitor, Ethereum (ETH) has gained 1.06% in the past 24 hours and now costs $270.58. Ripple (XRP) has increased 4.07% to reach $0.427 and Bitcoin Cash (BCH) has made minimal gains, increasing 0.14% to $434.62. EOS has increased 15.37% in the past 24 hours and is now trading at $8.01 ahead of a major announcement on June 1. Litecoin (LTC), overtaken by EOS and now the 6th largest coin, costs $114.62, having seen its prices increase 0.92%.

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