May 12, 2021

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What Changed in Crypto Markets While You Were Sleeping — May 4

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 has been increasing since bouncing on April 25. The increase has been constant, without a significant retracement throughout. 

On May 3, it managed to reach a high of $58,981 before moving downwards. The high was made right at the 0.618 Fib retracement resistance of the entire downward movement. This is a resistance level that often causes rejections. So far, the price has reached a local low of $54,580. 

Despite the drop, technical indicators are still bullish. The MACD is increasing and is in positive territory, the RSI has crossed above 50, and the Stochastic oscillator is moving upwards—very close to making a bullish cross. 

Therefore, BTC is expected to make a higher low and resume its upward movement.

BTC Rejection
BTC Chart By TradingView

Altcoin movers

The cryptocurrency top-10 rankings by market cap saw some slight changes in the past 24 hours. The total cryptocurrency market cap hit an all-time high of $2.3 trillion yesterday but has dropped back slightly to $2.24 trillion this morning.

Litecoin (LTC) retook its place in the #10 spot ahead of BTC Cash (BCH) and is now in a comfortable $1 billion lead. Dogecoin (DOGE) is up nearly 24% on the day and isn’t far off from flipping XRP out of the #4 position.

WAVES is the current top gainer of the day. It’s up a whopping 51% in the past 24 hours. It briefly reached a new all-time high of $42 but has pulled back slightly to $38.

NANO is today’s biggest loser. However, even though it’s down more than 12% on the day, NANO has seen impressive growth of 800% since the beginning of 2021.

In other crypto news

  • On-chain metrics for the ETH network have been extremely bullish recently. Several indicators have revealed that transactions and throughput are at an all-time high.
  • New crypto regulations in Thailand require that anyone who wants to open up an account must physically register, and cannot be done online.
  • Digital Currency Group Inc. (DCG), a major BTC and blockchain investment firm, has announced plans to purchase an additional $557 million in shares of the Grayscale BTC Trust (GBTC).

The post What Changed in Crypto Markets While You Were Sleeping — May 4 appeared first on BeInCrypto.

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