What Changed in Crypto Markets While You Were Sleeping — May 10

2021-5-10 11:28

BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Bitcoin update

Bitcoin (BTC) is starting off the week in the green and is currently trading for $58,517. Last week, BTC continued to add on to its bullish momentum, closing the week at a price of $58,340. While the price action appears to be bullish for the time being, BTC still needs to close over $60,000 if the price is to move much higher.

The RSI is currently at 65 and is showing a bullish divergence building. However, if BTC fails to move higher, it could first fall to the weekly range support near $55,700. Below that, there is a strong horizontal support level between $42,000 and $43,000 (purple range).

BTC/USD Weekly Chart by TradingView Altcoin movers

Nearly every crypto in the top-100 is trading up this morning. XRP is up by more than 5% and is quite close to overtaking Cardano’s (ADA) #5 position. Dogecoin (DOGE) remains in the fourth position but has lost a large chunk of its market cap after a 30% fall from last week’s all-time high of $0.758.

Stellar (XLM) is today’s biggest altcoin gainer. It kicked off the week moving above its weekly all-time high close of $0.675 and is currently trading for $0.704. XLM is up nearly 18% on the day adding to its 24% gain in the past week.

Bitcoin Diamond (BCD) is the day’s biggest loser thus far. It’s retraced 5% on the day back to the $8.45 price point. This is a miniscule amount however when looking at BCD’s weekly gains. It’s still up by 252% in the past seven days, making it tied with Telcoin (TEL) for the second-biggest gainer in the past week.

In other crypto news Ethereum is seeing some bullish price action on the morning of May 10, surging above $4,100 for the first time ever. Chinese payments app, Alipay, has launched a digital renminbi solution for select users, granting a slew of features. Local media outlets are reporting that several well-known South Korean companies are holding more than 10 billion won in cryptocurrencies as intangible assets, demonstrating the growth of the market.

The post What Changed in Crypto Markets While You Were Sleeping — May 10 appeared first on BeInCrypto.

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