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Crypto Market Forecast: Week of May 10th 2021

A curated weekly summary of forward-focused crypto news that matters. This week, Bitcoin starts strong on the back of bearish US economic data, Ethereum hits 4k and continues to soar, and DOGE falls to earth after Elon Musk's SNL appearance.

Bitcoin (BTC) and digital asset markets performed strongly in the last week with assets like Ethereum (ETH) continuing to enjoy upward momentum and reaching a new all-time high of $4000.

Bitcoin ended the week up ~2%, but was outperformed by ETH and other large cap altcoins, suggesting this is where the biggest upside in markets presently resides. ETH, Dogecoin (DOGE), Cardano (ADA) and Litecoin (LTC) rose by ~29%, ~45%, ~32% and ~33% respectively.

Bitcoin and other risk assets like Asian stocks had strong weekends on the back of disappointing economic statistics from the United States. On Friday, the US Bureau of Labor Statistics announced that the US economy had added 266,000 new jobs in April, well below the expected 1 million new jobs. These numbers have boosted belief that the US Fed will continue to bolster the country with an aggressive monetary policy that is expected to create inflation and weaken the US dollar.

Bitcoin, S&P 500 stocks, the Nasdaq, and Chinese stocks all ended the day of the announcements green, while safe havens such as treasury bonds sold off. Bitcoin is up ~1015% since the Fed dropped overnight interest rates to 0 in March 2020. The ongoing plans to continue stimulating the economy using monetary policy, without consideration of new government debt being created, has increased the short-to-medium term appeal of Bitcoin.

Bitcoin is a liquid asset with a hard-coded fixed supply and monetary policy, that in many ways is an antithesis of a fiat currency. These characteristics help it work as a natural hedge against declining fiat currencies.

Much of the crypto news cycle in the last week focused on Dogecoin and Tesla CEO Elon Musk’s appearance on the iconic satirical sketch show Saturday Night Live. Musk has been a major DOGE cheerleader in recent months and there was market speculation that the memecoin would be a major focus of his appearance. DOGE hit a new all-time-high of US$0.73 on Saturday.

Musk mentioned Dogecoin during his opening monologue. Later during a Q&A with Michael Che and Colin Jost, Musk called himself the “Dogefather,” he also called Dogecoin a hustle and at one point exclaimed “to the Moon!”. After his appearance, SpaceX, another company that Musk leads, announced the DOGE-1 mission to the Moon for the Geometric Energy Corporation. The mission is set to be funded entirely by Dogecoin.

However, the ‘buy the rumor, sell the news’ was appropriate in this case, as the price of DOGE fell to earth following Musk’s SNL appearance. Doge was down to US$0.44 by Monday, an ~39% drop.

Crypto news for the week ahead

May 11th – Bitfinex lists 1inch (1INCH) token

On Tuesday, May 11th, Bitfinex will list the native token of Defi/Dex aggregation platform 1inch. 1INCH will be available to trade with US dollars (1INCH/USD) and Tether (1INCH/USDT). 1inch tokens are primarily earnt by providing liquidity to 1inch’s liquidity platform. The price of 1inch is up ~28% in the last week.

May 15th – Bitcoin Cash upgrade

On Saturday the Bitcoin Cash (BCH) network will undergo an improvement upgrade. The updates include the removal of the unconfirmed transaction limit, enabling multiple OP_returns, the implementation of double-spend proofs, an increase in the mining block default limit size to 8mb and the inclusion of a new community improvement proposal system. The price of BCH is up ~47% in the last week.

Trading set-ups for the week

Pro trader Josh Olszewicz explores trading options and signals for BTC and ETH – and lays out the trading setups he’s watching for the upcoming week. Start your week off right with Josh’s thoughts on trading strategies on a weekly basis.

Bitcoin, ALTs and Ethereum – Trading setup for the week of the 10th of May 2021

Top 10 Crypto Summary

Top 10th May 10th

It was a strong week for large cap assets on the Brave New Coin market cap table with most assets on the top 10 list enjoying double digit gains. Ethereum (ETH) once again hit new all time highs continuing an impressive streak that has seen its share of the total crypto market cap rise from 12.8% to 15.4% since the start of April. ETH futures volume is surging, suggesting growing interest from more sophisticated traders who wish to hedge or speculate on price movements.

Bitcoin Price Chart

BLX 7day May 10th

Bitcoin continues to trade choppily with the BTC price trading sideways in the US$55,000 to 59,000 range since the start of May. Onchain data provider Glassnode reportsthat the 30 day change in supply held by Bitcoin holders recently flipped positive, suggesting they have bought more Bitcoin than they have sold in recent times. This means that long term hodlers believe the price of BTC will rise after the current choppy trading period.


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