What Changed in Crypto Markets While You Were Sleeping — May 4

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In Brief
  • BTC is expected to make a higher low and resume its upward movement.

  • WAVES is up 51% in the past 24 hours.

  • Ethereum transactions and throughput are at all-time highs.

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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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BTC update

BTC has been increasing since bouncing on April 25. The increase has been constant, without a significant retracement throughout. 

On May 3, it managed to reach a high of $58,981 before moving downwards. The high was made right at the 0.618 Fib retracement resistance of the entire downward movement. This is a resistance level that often causes rejections. So far, the price has reached a local low of $54,580. 

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Despite the drop, technical indicators are still bullish. The MACD is increasing and is in positive territory, the RSI has crossed above 50, and the Stochastic oscillator is moving upwards—very close to making a bullish cross. 

Therefore, BTC is expected to make a higher low and resume its upward movement.

BTC Chart By TradingView

Altcoin movers

The cryptocurrency top-10 rankings by market cap saw some slight changes in the past 24 hours. The total cryptocurrency market cap hit an all-time high of $2.3 trillion yesterday but has dropped back slightly to $2.24 trillion this morning.

Litecoin (LTC) retook its place in the #10 spot ahead of Bitcoin Cash (BCH) and is now in a comfortable $1 billion lead. Dogecoin (DOGE) is up nearly 24% on the day and isn’t far off from flipping XRP out of the #4 position.

WAVES is the current top gainer of the day. It’s up a whopping 51% in the past 24 hours. It briefly reached a new all-time high of $42 but has pulled back slightly to $38.

NANO is today’s biggest loser. However, even though it’s down more than 12% on the day, NANO has seen impressive growth of 800% since the beginning of 2021.

In other crypto news

  • New crypto regulations in Thailand require that anyone who wants to open up an account must physically register, and cannot be done online.
  • Digital Currency Group Inc. (DCG), a major bitcoin and blockchain investment firm, has announced plans to purchase an additional $557 million in shares of the Grayscale Bitcoin Trust (GBTC).

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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Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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