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

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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.

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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. 

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

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.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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