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What Changed in Crypto Markets While You Were Sleeping — May 12

source-logo  beincrypto.com 12 May 2021 09:13, UTC

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

Bitcoin update

BTC has been moving upwards since April 25 after it reached a local low of $46,930.

Last week, it increased slightly but failed to reach a new all-time high.

Technical indicators for BTC provide a mixed outlook. There is a significant weakness in the form of a decreasing MACD and potential bearish cross in the Stochastic oscillator. However, the former is still positive and the latter has yet to confirm a bearish cross.

On the other hand, the RSI has generated a hidden bullish divergence. This is normally a strong sign of trend continuation.

Therefore, the readings from the weekly time frame are not sufficient to determine the direction of the trend.

BTC Chart By TradingView

Altcoin movers

Most cryptocurrencies in the top-10 by market cap are up slightly on the day so far. Ethereum briefly reached a new all-time high of $4,370 before retracing slightly. This was the first time ETH reached a market cap above $500 billion.

EOS is the biggest altcoin gainer of the day, adding 45% in the past 24 hours in a move to $13.29. The last time that EOS managed to reach these levels was back in May of 2018.

CoinMarketCap is reporting that Internet Computer (ICP) is today’s biggest loser. The token is down nearly 18% today after debuting on March 10 with a market cap of $45 billion.

In other crypto news

In a post on the Uniswap governance forum, Ethereum co-founder Vitalik Buterin has put forward his thoughts on why the UNI token would be well suited as an oracle token.

The date for the BitMEX money laundering trial has been set to begin in March 2022, 18 months after the charges were first announced.

Grabbing onto the tail of the current dog-related meme coin craze, decentralized finance (DeFi) aggregator Yearn has unveiled its own Woofy canine token.