BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin update
Bitcoin began last week by falling to a low of $31,000. However, it bounced right back up, leaving a long lower wick in place and reaching a bullish close. The weekly high was at $39,380.
Despite the bullish candlestick, technical indicators are firmly bearish. The MACD is decreasing and its histogram has crossed into negative territory. This has historically been a bearish sign.
SponsoredThe Stochastic oscillator has made a bearish cross (red icon) and the RSI has crossed below the 50-line.
The next closest resistance areas are at $43,250 and $47,400. These targets are the respective 0.382 and 0.5 Fib retracement resistance levels.
Altcoin movers
The total cryptocurrency market cap is up by more than 8% today, currently sitting at $1.677 trillion. Since May 24, the total cap has moved in a range between $1.47 trillion and $1.84 trillion.
Nearly every cryptocurrency in the top-100 by market cap are in the green today, and many are seeing double-digit percentage gains. Amp (AMP) is on top, gaining more than 20% in the past 24 hours and is up over 50% in the past week. This has boosted AMP into the #34 position.
Apart from stablecoin fluctuations, no altcoin in the top-100 has experienced a loss in the past 24 hours. HUSD, cUSDC, and cDAI are all tied for the biggest loser, down 0.5% on the day.
In other crypto news
- Bitcoin’s price rose to over $39,000 as miners approved the Taproot upgrade, and Musk saying that Tesla will reinstate bitcoin payments following more clean energy usage.
- Ethereum continues to get fundamentally stronger in terms of becoming a decentralized financial layer and almost a quarter of the supply is now locked in smart contracts.
- Africa is topping the charts of P2P bitcoin trading volume, recording $17 million in May 2021. This growth represents a near-50% increase year-over-year.
