By eToro

Daily Cryptocurrency Tracker 16.5.19: Altcoin market continues to climb

The positive momentum in the cryptocurrency market continued over the past 24 hours, as 9 of the top 10 cryptos were seen higher, two of which in double figures. After showing tremendous gains over the past few days, Bitcoin took a step back, registering slight declines and falling below the $8,000 mark.

Highly volatile investment product. This is not investment advice. Your capital is at risk.

Ethereum climbs 14%

Of the top 5 cryptos, the largest gains over the past 24 hours were posted by Ethereum, currently ranked 2nd overall by market cap. At the time of writing, Ethereum was up around 14%, reaching price levels not seen since September of last year. Ethereum has been on an incredible bull run over the past week, adding more than 50% to its value over the past 7 days.

Highly volatile investment product. This is not investment advice. Your capital is at risk.

Blockchain heading to the fashion industry

After showing its potential in the finance and retail industries, blockchain is now being tested in another field: Fashion. Luxury fashion brand Alyx is planning to use the IOTA blockchain network to test a system for tracking supply chains. Blockchain news outlet The Block reports that Alyx will use IOTA’s Distributed Ledger Technology (DLT) to add coded information to each clothing item, to include data such as production location, date and raw materials used.

eToro is a multi-asset platform which offers both investing in stocks and cryptocurrencies, as well as trading CFD assets.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can fluctuate widely in price and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance is not an indication of future results. This is not investment advice. Your capital is at risk