Market update
Cointree Crypto Market Update - May 5th 2021
Market update for traders
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After recovering from its dip to near $62K AUD, price action saw bitcoin (BTC) start this last week at $71K.
The week that unfolded offered little sign of any significant movement or a return to its previous all-time high (ATH) of $84K, however a rally over the weekend suggests a bullish run could still be in motion, with an upward trend revealing itself.
Bitcoin reached a lower high of $76K by Monday where the crypto king met resistance. And while this resistance saw the coin drop 10% to $69K overnight, support was found and has taken the currency back to $70K at the time of writing.
While it seems some investor interest has moved to altcoins Ethereum (ETH), which surpassed bitcoin’s total daily traded volume and reached a new ATH, and Doge (DOGE), eyes will be on bitcoin and whether it will break up or down from this channel.
On the altcoin market, Dogecoin (DOGE) was back at it again this week, up 98% at the time of writing. Ethereum (ETH) reached its all-time-high of $4.5K AUD, up 19.9%. While Chainlink (LINK) and Litecoin (LTC) both saw gains of more than 27%.
Market update for beginners
Following a fall in price to $62,000 AUD, bitcoin (BTC) began the week at $71,000.
The week that unfolded showed little signs of any significant price changes, however a rally over the weekend encourages the potential for a bull run with signs of upwards trends peering through.
Bitcoin hit $76,000 by Monday where it seemed to steady out. Even though the resistance saw the coin drop to $69,000 overnight (-10%), it has since stabilised at $70,000 at the time of writing.
While it seems some investor interest has moved to altcoins Ethereum (ETH), which surpassed bitcoin’s total daily traded volume and reached a new ATH, and Doge (DOGE), eyes will be on bitcoin and whether it will break up or down from this channel.
In the altcoin market, Dogecoin (DOGE) was back at it again this week, up 98% at the time of writing. Ethereum (ETH) reached its all-time-high of $4.5K AUD, up 19.9%. While Chainlink (LINK) and Litecoin (LTC) both saw gains of more than 27%.
