BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.
Bitcoin (BTC) update
After creating a hanging man candlestick the week prior, BTC created a small bullish candlestick this week.
Technical indicators are showing weakness. The MACD has created a lower momentum bar and the RSI is decreasing, nearly crossing below 70. The Stochastic oscillator is decreasing, but has yet to make a bearish cross.
Therefore, while these signals do not confirm a top, they are strong signs that the bullish trend might soon come to an end.
The crypto top-10 by market cap saw some rearranging over the weekend. Polkadot (DOT) managed to pass Cardano (ADA) to take the #5 spot.
After making a 17% gain in the past 24 hours, XRP is trading for $0.69 with a market cap of $37.8 billion.
Chainlink (LINK) currently holds the #10 position with a $12.6 billion market cap. However, BitTorrent (BTT) is closing in fast and is less than $20 million away from kicking LINK out of the top ten.
This morning’s biggest altcoin gainer is WazirX (WRX). Over the past 24 hours, it’s gained nearly 200% and is trading for $5.25. The token is up a whopping 968% over the past seven days.
Helium (HNT) has fallen back to #81 in a 12% loss on the day. This could just be a brief cooling off period for HNT. Since the beginning of 2021, the token has added 1,150% and is trading at just above $16.
In other crypto news
- According to data analyzed by non-fungible tokens (NFTs) marketplace tracker Nonfungible.com, the average prices for NFTs have fallen nearly 70% since their $1,400 peak in February.
- Many investors and traders that rushed into the FEI stablecoin launch and airdrop now want their Ethereum back. FEI is trading below its peg at $0.945 according to CoinGecko. There is also an additional burning fee for those wanting to cash out. This is part of the stability mechanism design to incentivize users to hold on to the tokens.
- Data from Glassnode shows ETH balances on major exchanges have fallen to 14.6 million ETH or about $29.5 billion. The data includes information on exchanges like Binance, Bitfinex, Gemini, and Kraken.