Crypto Markets Show Signs of Recovery, While Oil Prices Slump - Crypto Coin Press - Crypto News, ICO's, Analysis, Live Prices

Crypto Markets Show Signs of Recovery, While Oil Prices Slump

Cryptocurrencies have entered the green zone after seeing some losses over the past couple of days.

Friday, May 31 — cryptocurrencies are on the rise again after seeing a slight correction yesterday, May 30, with EOS (EOS) being the only coin among the top-20 cryptocurrencies to register double-digit gains.

COIN360

Market visualization by Coin360

The leading digital currency bitcoin (BTC) is up slightly over 3% on the day, and is trading at $8,573 at press time. On its weekly chart, bitcoin saw its lowest price point at $7,924 on May 26, while its highest price point of $8,994 was on May 30.

BTC

Bitcoin 7-day price chart. Source: CoinMarketCap

Meanwhile, only 1.3% of economic transactions for bitcoin came from merchants in the first four months of 2019, according to recent research from United States-based blockchain intelligence firm Chainalysis.

The second largest coin by market capitalization, ether (ETH), is up by 4.86% in the last 24 hours, and is trading at $268.75 at press time.

Ernst & Young’s head of innovation, Paul Brody stated earlier today that 83% of decentralized applications (DApps) on the Ethereum network are “not in the most productive uses.” Brody noted that 14% of Ethereum-based DApps are used at cryptocurrency exchanges, while most of them are used for gambling and gaming, accounting for 44% and 13% of DApps, respectively.

ETH

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) has seen a 3.58% increase in its price over the day to trade at around $0.438 at press time. The altcoin started the week at the $0.383 price point.

XRP

XRP 7-day price chart. Source: CoinMarketCap

EOS has shown over 15% growth on the day, and is trading at around $8.58 at press time. At the beginning of the day, EOS was trading at $7.32, dipping to as low as $7.28.

EOS

EOS 7-day price chart. Source: CoinMarketCap

The remaining coins on CoinMarketCap’s top-20 list have registered gains between modest 0.13% and 10%, with none of the coins in the red.

Total market capitalization of all digital currencies is over $272 billion at press time, up around $25 billion from its intraweek low of around $247 billion on May 26.

Total market capitalization

Total market capitalization 7-day chart. Source: CoinMarketCap

As CNBC reported earlier today, oil prices slumped, with Brent crude futures falling $2.40, or 3.59%, to $64.47 a barrel, and U.S. West Texas Intermediate (WTI) crude futures decreasing 5.5% to $53.50 per barrel.

The drop purportedly follows U.S. President Donald Trump’s decision to increase tariffs unless Mexico stopped people from illegally crossing into the United States. The plan would impose a 5% tariff on Mexican imports starting on June 10 and increase monthly, up to 25% on Oct. 1.

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