May 30, 2019
Altcoins Advance Higher
The Altcoin market has taken center stage and is now climbing higher. These altcoins refer to other cryptocurrencies and does not include Bitcoin. Some investors also do not include Bitcoin Cash and Bitcoin SV as part of Altcoins. With the altcoins advancing in the markets, Bitcoin dominance has dropped to 55% of the entire cryptocurrency market. The current market value is also increasing and while it is currently at $280 billion, there is a short-term target of $300 billion. Today, Ripple climbed 7% higher, Bitcoin Cash rose by 10%, while Bitcoin SV jumped by 100% today.
Interestingly, as a result of the higher altcoins, global crypto investors are in ‘Risk On’ mode, or risk appetite mode. They are now willing to take on risks and are purchasing other cryptocurrencies instead of Bitcoin. If this uptrend continues, traders and investors should prepare their accounts as there will be many diversified, lucrative opportunities available in the digital currency market.
In other financial news, the US GDP report will be released today at 12:30 GMT. With the ongoing US-China trade war, the outcome of this report is very important as it reflects how much the US economy is growing. Positive data will support the US dollar (USD) and the stock market. Analyst expectations are for growth of 3.1 percent.