Cointree Crypto Market Update - May 12th 2021

Market update for traders

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Yet again the crypto market flourished for many altcoins, while bitcoin (BTC) continued mostly sideways but in an upward trend for the week. Bitcoin remained relatively stable, starting the week at $69K AUD and reaching $73,520 by the time of writing with price action mostly taking place between $69,330 and $76,532 over the past two weeks. This type of sideways behaviour has been seen before and is often attributed to ‘altseason’, where many of the top altcoins outperform bitcoin. Looking forward, we’ll be looking to see whether bitcoin can break outside this channel. Bitcoin will need to sustain a break above $76,352 if we are to see it continue driving to more highs. A fall below $69K however would change the story, and instead indicate a possible bearish run down.

Over on the altcoin market, EOS (EOS) hit its highest price since July 2018, up 55% at the time of writing. yearn.finance (YFI) reached its all-time-high of $108K AUD, up more than 45%. While Matic Network (MATIC) and Loopring (LRC) both saw gains of more than 39%.

Market update for beginners

For another week, altcoins were the standouts while bitcoin (BTC) steadily continued showing an overall ascend. Bitcoin remained relatively stable, starting the week at $69,000 AUD and reaching $73,520 by the time of writing averaging between $69K and $76K this past fortnight. This type of steady behaviour has been seen before and is often attributed to ‘altseason’, where many of the top altcoins outperform bitcoin. Our eyes are sure to be on bitcoin moving out of this range it has found itself jumping around in. Bitcoin will need to comfortably break its way above $76,000 if we are to see the market cap leader ascend higher. However, if bitcoin was to fall under $69,000 the narrative could shift and show us a possible downward trajectory.

Over on the altcoin market, EOS (EOS) hit its highest price since July 2018, up 55% at the time of writing. yearn.finance (YFI) reached its all-time-high of $108K AUD, up more than 45%. While Matic Network (MATIC) and Loopring (LRC) both saw gains of more than 39%.