What Changed in Crypto Markets While You Were Sleeping — May 11

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In Brief
  • Bitcoin is trading slightly above range support at $55,600.

  • SHIBA INU (SHIB) has added another 61% on the day.

  • A U.S. bitcoin ETF decision may be further delayed.

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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 was once again rejected near the $60,000 resistance level yesterday. While it began the day by climbing to $59,600, it closed at $55,900. BTC is currently trading for $55,587 and is sitting just above the range support level.

If BTC can maintain the horizontal range (green box) and create a higher low, it will likely be able to recover for another attack on the $60,000 resistance. A daily close below the May 4 lows of $53,000 would be a bearish development and could send bitcoin back to the $49,000 support.

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At the time of press, the RSI was below 50. In order for a bullish trend to re-emerge, the RSI would at least need to confidently close above the descending resistance line near 60.

BTC/USD Chart by TradingView

Altcoin movers

The total cryptocurrency market cap took a tumble yesterday after initially reaching an all-time high of over $2.5 trillion. It reached a local low of $2.32 trillion early this morning before slightly recovering to $2.42 trillion at present.

Looking at the top-10 cryptocurrencies by market cap, Dogecoin (DOGE) has fallen back below XRP in a move to the fifth position. Bitcoin Cash (BCH) remains in the ninth spot today but Litecoin (LTC) is only $1.4 billion from overtaking it.

SHIBA INU (SHIB) is both the day’s and the week’s biggest altcoin gainer by far. Rallying off the Dogecoin hype, SHIB has gained over 61% on the day and is up a massive 1,888% in the past week alone.

Yesterday’s biggest altcoin loser, Bitcoin Diamond (BCD), retains the loser title today, falling another 20% to the $6.75 price point. Despite its losing streak in the past couple days, BCD is still up a respectable 144% in the past week.

In other crypto news

  • SEC Chairman Gary Gensler told Congress that the crypto market needs more investor protection, likely dampening hopes of a bitcoin exchange-traded fund (ETF) being approved anytime soon.
  • More Ethereum is leaving centralized finance (CeFi) and exchanges and entering decentralized finance (DeFi) than ever before, which could be keeping prices and demand for the asset elevated.
  • An initial decentralized exchange offering (IDO) on Polkastarter is about to begin for the Drops platform, which is aiming to bring decentralized finance (DeFi) features to non-fungible tokens (NFT).

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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