As it has been the trend, other leading cryptocurrency have followed the similar pattern of growth
Mount $10,000 remains elusive for bitcoin which has been trading above the support price of $8,000 for more than last three weeks. The last time bitcoin climbed above $10,000 was on March 8.
In the last two weeks, bitcoin has touched a high of $9,964 and a low of $8,223 which it touched on Saturday.
At the time of writing this report, bitcoin was trading at $8,394, according to CoinMarketCap. The market capitalisation of bitcoin was $143 billion.
As it has been the trend, other leading cryptocurrency have followed the similar pattern of growth. Ethereum, the second most valuable cryptocurrency in the world, has also been unable to breach the resistance of $850 for over a month now. At the time of writing it was trading at $699.
Ripple, bitcoin cash and EOS—the next three biggest cryptocurrencies also follow a similar growth trajectory. Ripple was trading at $0.71, bitcoin cash at $1,383 and EOS at $14.09.
The month of May has brought some positive news which could potentially propel the market. The new chief of South Korean watchdog who assumed office last week indicated that he could go softer on cryptocurrency market.
Yoon Suk-heun, the governor of the Financial Supervisory Service (FSS), said, “Regarding cryptocurrencies, there are some positive aspects.” Though he declined to delve into details about his possible steps, Suk-heun said he would improve regulations and try to produce a more stable financial system with better services and products.
The cryptocurrency market has been marred with hacking attempts in recent months. Even in India, which comparatively is not a big cryptocurrency market, hacking reports have become rampant.raided a cryptocurrency mining unit in Dehradun seizing hundreds of equipment. It was alleged that the owners of the rig were involved in a cryptocurrency Ponzi scheme.