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

2 mins
Updated by Kyle Baird
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In Brief

  • Bitcoin rebounded last week, creating a bullish engulfing candlestick in the process.
  • Ethereum hit a new all-time high of $3,180.
  • Binance Smart Chain-based Spartan Protocol suffered a flash loan exploit.
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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Bitcoin 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 bitcoin and ether. Ethereum 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 bitcoin market cap.

Bitcoin 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

  • Ethereum 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.
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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