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

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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.

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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. 

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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 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.

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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