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What Changed in Crypto Markets While You Were Sleeping — May 5

2 mins
Updated by Kyle Baird
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In Brief

  • Bitcoin daily chart closed with a bearish engulfing candlestick.
  • Dogecoin has moved into the fourth-highest valued cryptocurrency.
  • Coinbase has added support for Tether (USDT) on its primary exchange.
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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.

Bitcoin update

Bitcoin decreased considerably yesterday, creating a bearish engulfing candlestick. It fell from a high of $57,200 to a low of $53,046, amounting to a total decrease of 7%. 

It’s possible that the drop occurred in order to validate the descending resistance line from which BTC broke out prior. 

Despite the decrease, technical indicators are still bullish. The MACD is increasing and the Stochastic oscillator is still on track to make a bullish cross.

BTC Breakout
BTC Chart By TradingView

Altcoin movers

The total crypto market cap ballooned to an all-time high of over $2.3 trillion on May 4 but has pulled back slightly to $2.28 trillion this morning. The majority of altcoins on the market are seeing green today, but there’s been a few notable developments that stand out above the rest.

Dogecoin (DOGE) has claimed the #4 position away from XRP in a 40% spike to a new all-time high just short of $0.70. However, in the past 24 hours, it’s been Ethereum Classic (ETC) that’s stolen the show. ETC is currently trading for $76.04, but it did manage to briefly clock a new all-time high price of $81.70. ETC is up 45% in the past 24 hours alone and has grown 126% in the past week.

Celsius (CEL) is the day’s biggest loser thus far. CEL has dropped by nearly 7.5% on the day. CEL appears to be having a tough time finding support since rapidly falling from its April 9 all-time high of $7.97. It’s back to trading at $5.80 today.

In other crypto news

  • Coinbase has added the largest stablecoin by market cap, Tether (USDT), to its platform, and trading functionalities are already available.
  • A new report on the crypto mining industry indicates that the market could grow by $2.8 billion between now and 2024.
  • Crypto venture firm Multicoin Capital has unveiled the details of a new $100 million fund to invest in decentralized finance (DeFi) and non-fungible token (NFT) projects.
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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