Bitcoin Approaches $7K as Top Cryptos See Double Digit Growth

Saturday, May 11 - most of the top 20 cryptocurrencies are reporting major gains on the day by press time, as bitcoin breaks the $6,900 mark.

Bitcoin is up over eight percent on the day, trading at $6,950 at press time, according to CoinMarketCap.

Ether is holding onto its position as the largest altcoin by market cap, which currently stands at $20.8 billion.

The second-largest altcoin, XRP, has a market cap of $13.8 billion at press time.

CoinMarketCap data shows that ETH is up nearly 13% over the last 24 hours.

At press time, ETH is trading around $197. On the week, the coin has also seen its value increase by nearly 21%. Ether 7-day price chart.

At the Ethereal Summit on May 10, developers announced that Ethereum founders Joseph Lubin and Vitalik Buterin and their respective organizations ConsenSys and the Ethereum Foundation - each donated 1,000 ether to the Moloch decentralized autonomous organization.

Third largest crypto XRP is up about 9% over the last 24 hours and is currently trading at around $0.328.

Among the top 20 cryptocurrencies, the coins reporting the most notable gains are Cardano, which is up over 20%, Litecoin and Tezos, which are both up about 17%. Monero, Binance Coin, EOS and bitcoin cash are also all up 11-15%.At press time, the total market capitalization of all cryptocurrencies is $212.7 billion, over 17% higher than the value it reported a week ago.

As Cointelegraph reported yesterday, financial advisory firm Canaccord Genuity has predicted that bitcoin could hit $20,000 by 2021.