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