The sum Crypto market capitalization has increased its value by $ 185 billion in the past seven days and is now at $2,478 billion. The Top 10 The coins were all green over the same period, with Bitcoin Cash (BCH) and Litecoin (LTC) leading the way with gains of 53.4 and 46.5 percent, respectively. Bitcoin (BTC) is for now Trade at $ 58.000Ether (ETH) is $4th,098.
BTC / USD
Bitcoin closed the trading day at $ 56,630 on Sunday, May 2, after successfully rebounding from the lower $ 50,000 earlier in the week. The short-term upward movement led to a price increase of 15 percent.
The BTC bulls regained positions above the 21-day EMA in both the daily timeframe and the floor of the old $ 56,000- $ 59,500 range, but were still struggling to make new highs in the weekly timeframe.
On Monday, the BTC / USDT pair hit the USD 59,000 mark during the day, but the longs were quickly absorbed and the coin ended the session just before the opening mark.
Day two of the seven-day period saw a sharp 7 percent decline to $ 53,188, but the $ 53,000 zone quickly became the next point of stability for buyers, making it a tough obstacle for bears.
The midweek session brought up the exact same candlestick formation, but in the opposite direction, as Bitcoin completely wiped out the previous day’s losses and stopped at $ 57,500.
The next goal ahead of bulls is to ensure a weekly close in positive territory to confirm the bullish entanglement in both the daily and weekly timeframes and then find a way to break the USD 59,000 resistance.
The leading cryptocurrency stabilized in the area above the 21-day EMA on Thursday, May 6, ending the session with a short red candle at $ 56,474, with the price above the aforementioned horizontal S / R at $ 56,000.
On Friday, the coin was very volatile in the $ 58,700 to $ 55,200 range and could only offset the losses from the previous session.
The weekend of May 8th to 9th started with a good uptrend continuation on Saturday marked by the return of the bulls. BTC rose to $ 59,000.
Then it lost 4.5 percent at the start of the trading day on Sunday but quickly rebounded to $ 58,300 in the evening.
Most importantly, the largest cryptocurrency successfully confirmed the bullish entanglement in the weekly timeframe by drawing a second green candle in a row there.
What we see on Monday morning is an attempt by buyers to cross the $ 59,000 resistance over multiple periods of time.
ETH / USD
The Ethereum project token ETH went parabolic after touching the 21-day EMA at $ 2,217 on April 25. The coin grew more than 25 percent weekly, closing the Sunday session at $ 2,950 – a newly established all-time high.
The upcoming London hard fork, which is expected to introduce EIP 1559, and significant improvements to the gas tariff structure combined with the launch of Uniswap v3 and solid fundamentals are the main factors contributing to the good performance of the ETH / USDT pair.
On Monday, May 3, the coin increased its valuation another 16.4 percent, hitting the $ 3,420 mark, breaking the $ 3,000 mark for the first time.
Tuesday’s session was when profitable activity kicked in as the airwaves paused for a little while and eventually closed at $ 3,230.
The third day of the work week was a continuation of the rally, bringing yet another retest of the upper bound of the uptrend corridor near $ 3,520.
On Thursday May 6th, the ETH / USDT pair was rejected in the said range and closed at $ 3,495 in red after trading in the $ 3,610-3,384 range during the day.
The Friday hour was volatile again. The coin moved up and down in the $ 3,600-3,355 zone but closed flat in the evening.
The weekend of April 8th to 9th started on Saturday with a huge green candle on the daily chart. The unexpected continuation of the trend resulted in a 12 percent increase in ETH price and a new all-time high of $ 3,966.
It stayed the same on Sunday and closed the week with prices up 33 percent.
Ether crossed $ 4,000 levels in the early hours of trading on Monday.
Top 10 movers
The most popular bitcoin fork made it back to the top 10 list of the largest cryptocurrencies after increasing its value by 45 percent in the past seven days.
The coin surpassed the recent high of $ 1,200 and was in an area last visited in June 2018. BCH’s good performance was also reflected in its trading pair against BTC.
Next, Bitcoin Cash is expected to stabilize above the psychological level at $ 1,500 and then aim for the next major resistance in the weekly timeframe – $ 1,750-1,800.
We expect the $ 1,200 area mentioned earlier to turn into support.
Altcoin of the week
Our altcoin of the week is Telcoin (TEL). The blockchain money transfer platform, which focuses on global remittance services, has added an impressive 310 percent to its value over the past seven days, and has grown by more than 20,000 percent since early 2021.
The project’s native token TEL reached number 62 in CoinGecko’s Top 100 list with a total market capitalization of around 2,843 million. It peaked at $ 0.053 on the KuCoin exchange on Sunday, May 9, when it was announced that it was recently added to the leading exchange for Polygon – Quickswap. The lower fees for the L2 scaling solution compared to the original Ethereum project are due to the recent rally. The Telcoin V3 platform, first mentioned in the April community update, also contributed to the coin’s good performance.
At the time of writing, TELUSDT is trading on KuCoin at $ 0.051:
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