Over the last 5 days, the price of Bitcoin has soared by 31% or $2,000. At the time of writing, the benchmark cryptocurrency trying to catch on above $8,200. On the intraday charts, it is clearly seen how exceeding the threshold levels of $7,000 and $8,000 caused a wave of profit taking, but pretty quickly it was ended up by the new wave of purchases. The return of public interest was so intense that previous levels of consolidation were simply swept away. Given this dynamic, the next stop could be level at $9,000 and local peaks of May 2018 at $9,500.

FOMO (fear of missed opportunities) has returned to the market, as retail investors became the real driving force behind this dynamic. Nevertheless, it must be remembered that in addition to optimism and patterns similar to the 2017 rally, many new participants appeared on the market, who firstly benefited from pushing the market to the bottom, and then it would be profitable for them to sell at highs.

It is equally important that growth not only increases but also widens, actively engage altcoins in the rally. Since May 10, the total capitalization of the cryptocurrency market has grown by $47 billion. Over the past 24 hours, the XRP token shows the most significant growth by 21% to $0.38. Probably, the coin attracts demand due to the low price, while market participants remember it at a price of around $4. Ethereum (ETH) and Bitcoin Cash (BCH) add 10% and 12%, respectively. At the moment it is difficult to find a cryptocurrency in the red zone. The Bitcoin domination index has grown in recent days, reaching 60%, however, it gave back some gains to 59.2%.

The cherry on the top was the news that Amazon’s Whole Foods now accepts Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Gemini Dollar (GUSD). This made possible by the partnership of the Winklevoss twin project Gemini with payment start-up Flexa. In addition to Whole Foods, people can spend their digital currencies at Starbucks, Baskin Robbins, Nordstrom, and others. It should be noted that so far there were no “leaks” about the project, and the launch took place exactly at the right moment, heating the growth impulse. Whether it is a coincidence or not, the twins won't tell, but they are pushing the entire crypto sector to integrate with the real world.


FxPro UK Limited is authorised and regulated by the Financial Services Authority, registration number 509956. CFDs are leveraged products that incur a high level of risk and it is possible to lose all your capital invested. Please ensure that you understand the risks involved and seek independent advice if necessary.

Disclaimer: This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. FxPro does not take into account your personal investment objectives or financial situation. FxPro makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any employee of FxPro, a third party or otherwise. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of FxPro. This communication must not be reproduced or further distributed without the prior permission of FxPro. Risk Warning: CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all your invested capital. Therefore, CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand the risks involved and take into account your level of experience. Seek independent advice if necessary. FxPro Financial Services Ltd is authorised and regulated by the CySEC (licence no. 078/07) and FxPro UK Limited is authorised and regulated by the Financial Services Authority, Number 509956.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD trapped under short-term trendline

Bitcoin (BTC) is changing hands at $9,750, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital asset recovered from Monday's low of $9,469, however, an upside momentum faded away on approach to $9,800. 

More Bitcoin News

NEO/USD bullish following Binance Futures support

NEO is in the green on Monday during the European trading session. The bullish momentum is taking action after a couple of days of the bulls enduring battering from the bears.

More NEO News

ETH/USD tug of war at $270 intensifies as $280 beckons

Ethereum managed to stay above the support at $240 during the bearish Monday. Also contributing to the support was the long term ascending trendline. The recovery from the support has been steady enough to hit levels slightly above $270. 

More Ethereum News

Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30

XRP/USD recovered to $0.2950 during early Asian hours only to retreat to $0.2850 by the time of writing. Despite the sell-off, the third-largest digital asset is still nearly 2% higher from this time on Monday and mostly unchanged since the beginning of the day. 

More Ripple News


Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast