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Bitcoin and Ethereum Gains stimulate the cryptocurrency market beyond $ 500 billion

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Bitcoin and Ethereum, two of the world's most valuable cryptocurrencies, led the cryptocurrency market to over $ 450 billion and, according to current trends, the market is likely to cross the $ 0.5 trillion mark in May.

Ether Up 11%

Ether, the native crypto-currency of the Ethereum blockchain protocol, has increased more than 11% against the US dollar and 6% against bitcoin. Ether's market value climbed to $ 79 billion and is expected to hit $ 80 billion in the next 24 hours.

The rapid rise in the price of Ether would have been fueled by the analysis of respected experts and analysts who pointed out that Ether was not a guarantee under the laws of the US Securities and Exchange Commission (SEC). .

Joseph Lubin, co-founder of Ethereum, who oversees a large-scale blockchain development studio, ConsenSys, said that Ethereum's founding team had carried out a due diligence to ensure that Ethereum remained in compliance with applicable regulations. ]

"We have spent a lot of time with lawyers in the United States and other countries, and we are extremely comfortable that it is not a security; Lubin, "we are absolutely not concerned by the current discussions."

Increasing confidence in the inapplicability of Ether as security is likely fueling demand for cryptocurrency. While signs such as WanChain, Decentraland, Ontology, EOS, and Ziliqa continue to post strong gains against bitcoin and the US dollar, analysts expect the Ether price to rise further in the near future. term.

Technical indicators suggest a strong short-term trend and momentum for Ether. But, since the Relative Strength Index (RSI) of Ether is in the 73 regions, unless the current volume of Ether across major cryptocurrency exchanges can be sustained, it is likely that the price of Ether undergo a slight correction before initiating another rally.

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Real History is Bitcoin

At the time of reporting, the price of bitcoin remains at $ 9,700 and, given its growth over the last 48 hours, the price of bitcoin is expected to exceed $ 10,000 in the near term, possibly the next 24 hours.

Over the past two weeks, bitcoin continued to demonstrate a steady increase in value, suffering minor declines and corrections along the way. His Relative Strength Index (RSI) and Williams Percent Range (WPR) are in the neutral zone, which places Bitcoin in an ideal position to record strong short-term gains.

Since the market has almost doubled since early April, analysts have already begun to conclude that the cryptocurrency market has entered a bull market and has predicted the value of most cryptocurrencies, especially major cryptocurrencies. such as bitcoin and Ethereum.

Less than a week ago, the daily volume of transactions in the cryptocurrency market hovered around $ 20 billion. As of May 4, the market volume is $ 30 billion and, as volume continues to increase, demand for the cryptocurrency market is expected to increase.

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