What Changed in Crypto Markets While You Were Sleeping — May 3

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

Bitcoin update

BTC rebounded impressively last week, creating a bullish engulfing candlestick in the process. This suggests that the buyers are back in control after the selling that briefly took the price below $50,000 two weeks ago. 

Technical indicators are also bullish. The RSI has generated a hidden bullish divergence, a strong sign of trend continuation. In addition, the Stochastic oscillator has bounced, invalidating a potential bearish cross. 

The MACD is losing momentum but is still increasing. Therefore, it’s likely that the long-term BTC trend is still bullish.

BTC Weekly Movement
BTC Chart By TradingView

Altcoin movers

Nearly every cryptocurrency in the top-100 are in the green today following big moves in bitcoin and ether. Ethereum reached a new high of $3,180 on May 3 bringing its market cap up to $366 billion. This is approximately 33% of the entire bitcoin market cap.

Bitcoin Cash (BCH) finally managed to flip Litecoin (LTC) out of the top-ten in a 6% move to the $1,022 price point.

Venus (XVS) is the day’s biggest altcoin gainer so far. It’s up nearly 32% in the past 24 hours to trade for $130. XVS is also one of the top gainers over the past week, seeing 82% growth.

Only three cryptocurrencies in the top-100 are in the red today when excluding stablecoins. Fantom (FTM) is the biggest altcoin loser in the past 24 hours. It’s fallen back to $0.77 in a 4% loss on the day. This isn’t a great loss however, especially when considering that FTM is still up by more than 118% in the past week.

In other crypto news

  • Ethereum has struck a new all-time high of $3,150 on May 3, making its co-founder, Vitalik Buterin, a crypto billionaire.
  • The latest decentralized finance (DeFi) hack has resulted in major losses for the Binance Smart Chain-based Spartan Protocol.
  • A recent poll shows that most South Koreans support capital gains taxation of crypto, which is due to roll out next year.