What Changed in Crypto Markets While You Were Sleeping — May 7
2 min readBeInCrypto 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 moving upwards since bouncing at the $53,000 support area on May 5. The support area is created by the 0.5 Fib retracement level of the most recent upward movement (white).
The upward move continued until a high of $58,360 was reached. The high was made very close to the 0.618 Fib retracement level (black) when measuring from the most recent downward movement.
BTC was then rejected and has been decreasing since.
Technical indicators are relatively neutral. The MACD is positive and the RSI is above 50. However, both are showing a lack of momentum, which in turn fails to confirm the direction of the trend.
Altcoin movers
The total cryptocurrency market cap reached a new all-time high just above $2.4 trillion on May 6. Most assets in the top-10 are in the green this morning. Cardano (ADA) reached a new all-time high of $1.70 yesterday and is hot on the heels of flipping Tether out of the #6 spot.
BTC Diamond (BCD) is the day’s biggest altcoin gainer. It has moved up to the $6.12 price point in a 71% gain on the day. BCD is also one of the top gainers of the week so far, up 163%.
Yesterday’s biggest gainer, Telcoin (TEL), is today’s biggest loser. TEL is down 17% today after reaching an all-time high above $0.04 on May 6. Despite this correction, TEL is still the biggest altcoin gainer of the week by far, up 418%.
In other crypto news
- Square’s Cash App BTC sales revenue has increased by nearly 11x year-over-year in Q1 2021, according to a shareholder letter it recently released.
- Decentralized finance (DeFi) aggregator Yearn has had a great month for earnings in April as fees for its version 2 vaults pile up.
- The Binance crypto exchange announced the launch of high-yield staking on Terra Virtua. Stakers can earn up to 47.67% APY.
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