What Changed in Crypto Markets While You Were Sleeping — April 12

Bitcoin update

Bitcoin increased slightly last week, going from a low of $55,473 to a high of $61,500. It managed to close at $60,002, which was simultaneously the first close above $60,000 and the highest-ever weekly close. 

There are some signs of weakness, however. There is a decreasing momentum in the MACD and a bearish divergence developing in the RSI. However, the RSI has yet to reach its divergence line and the MACD has not yet made a bearish reversal signal. 

Therefore, the signs are not sufficient enough to predict that a top has been reached.

Chart By TradingView

Altcoin movers

The cryptocurrency top-10 stayed mostly the same over the weekend. However, Binance Coin (BNB) has skyrocketed in price to a new all-time high of $591. This has caused it’s market cap to grow to over $90 billion. This is nearly 36% of the entire Ethereum market cap.

BNB and Voyager Token (VGX) are tied at the moment for the biggest altcoin movers of the day. Both have gained nearly 25% on the day, although BNB is up nearly 71% in the past seven days.

Very few altcoins in the top-100 are in the red today. Reserve Rights (RSR) is currently the biggest loser of the day, though it’s only down by 6%. Despite the small daily loss, RSR is still up by 3% in the past week.

In other crypto news

• The Biden administration is reportedly monitoring the development of the digital yuan. There are fears that a Chinese central bank digital currency (CBDC) will be used to skirt sanctions and could affect the dollar’s dominance.

• GameStop has posted a new job opening for a security analyst proficient in crypto and non-fungible tokens (NFT). This suggests that the company may be working on a related project.

• Decentralized finance (DeFi) protocol Nerve Finance has completed a financing round from some big names in the industry. Its goal is to launch an automated market maker (AMM) on the Binance Smart Chain (BSC).