What Changed in Crypto Markets While You Were Sleeping — May 10

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In Brief
  • Bitcoin (BTC) started the week off green, but is still having trouble breaking out over the $60,000 resistance level.

  • Stellar (XLM) is the day's biggest altcoin gainer, up 18% on the day.

  • Ethereum (ETH) reached a new all-time high above $4,100 today.

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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

Bitcoin (BTC) is starting off the week in the green and is currently trading for $58,517. Last week, BTC continued to add on to its bullish momentum, closing the week at a price of $58,340. While the price action appears to be bullish for the time being, BTC still needs to close over $60,000 if the price is to move much higher.

The RSI is currently at 65 and is showing a bullish divergence building. However, if BTC fails to move higher, it could first fall to the weekly range support near $55,700. Below that, there is a strong horizontal support level between $42,000 and $43,000 (purple range).

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BTC/USD Weekly Chart by TradingView

Altcoin movers

Nearly every crypto in the top-100 is trading up this morning. XRP is up by more than 5% and is quite close to overtaking Cardano’s (ADA) #5 position. Dogecoin (DOGE) remains in the fourth position but has lost a large chunk of its market cap after a 30% fall from last week’s all-time high of $0.758.

Stellar (XLM) is today’s biggest altcoin gainer. It kicked off the week moving above its weekly all-time high close of $0.675 and is currently trading for $0.704. XLM is up nearly 18% on the day adding to its 24% gain in the past week.

Bitcoin Diamond (BCD) is the day’s biggest loser thus far. It’s retraced 5% on the day back to the $8.45 price point. This is a miniscule amount however when looking at BCD’s weekly gains. It’s still up by 252% in the past seven days, making it tied with Telcoin (TEL) for the second-biggest gainer in the past week.

In other crypto news

  • Chinese payments app, Alipay, has launched a digital renminbi solution for select users, granting a slew of features.
  • Local media outlets are reporting that several well-known South Korean companies are holding more than 10 billion won in cryptocurrencies as intangible assets, demonstrating the growth of the market.

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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Kyle migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. He began trading and writing about cryptocurrencies in 2016, and has been an avid investor in stocks and precious metals since his teens.

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