May 12, 2021

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What Changed in Crypto Markets While You Were Sleeping — May 3

2 min read

BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

BTC update

BTC rebounded impressively last week, creating a bullish engulfing candlestick in the process. This suggests that the buyers are back in control after the selling that briefly took the price below $50,000 two weeks ago. 

Technical indicators are also bullish. The RSI has generated a hidden bullish divergence, a strong sign of trend continuation. In addition, the Stochastic oscillator has bounced, invalidating a potential bearish cross. 

The MACD is losing momentum but is still increasing. Therefore, it’s likely that the long-term BTC trend is still bullish.

BTC Weekly Movement
BTC Chart By TradingView

Altcoin movers

Nearly every cryptocurrency in the top-100 are in the green today following big moves in BTC and ether. ETH reached a new high of $3,180 on May 3 bringing its market cap up to $366 billion. This is approximately 33% of the entire BTC market cap.

BTC Cash (BCH) finally managed to flip Litecoin (LTC) out of the top-ten in a 6% move to the $1,022 price point.

Venus (XVS) is the day’s biggest altcoin gainer so far. It’s up nearly 32% in the past 24 hours to trade for $130. XVS is also one of the top gainers over the past week, seeing 82% growth.

Only three cryptocurrencies in the top-100 are in the red today when excluding stablecoins. Fantom (FTM) is the biggest altcoin loser in the past 24 hours. It’s fallen back to $0.77 in a 4% loss on the day. This isn’t a great loss however, especially when considering that FTM is still up by more than 118% in the past week.

In other crypto news

  • ETH has struck a new all-time high of $3,150 on May 3, making its co-founder, Vitalik Buterin, a crypto billionaire.
  • The latest decentralized finance (DeFi) hack has resulted in major losses for the Binance Smart Chain-based Spartan Protocol.
  • A recent poll shows that most South Koreans support capital gains taxation of crypto, which is due to roll out next year.

The post What Changed in Crypto Markets While You Were Sleeping — May 3 appeared first on BeInCrypto.

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