First Mover: Yearn, EOS Rise Over 30% While Ether and Bitcoin Eke Out Small Gains

Everything you need to make sense of the crypto markets and beyond

By the CoinDesk Markets Team

Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets

May 12, 2021

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Bitcoin (BTC)

+0.4% $56,125

Ether (ETH)

+4.9% $4,243

(Price data as of May 12 @11:00 UTC)

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Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests:

Alexander Holmes, MoneyGram CEO

Neil Bergquist, Coinme CEO & Co-Founder

Mark Yusko, Morgan Creek Capital Management Founder, CEO & CIO

Jack Zampolin, Cosmos Network Core Developer

Biggest Movers

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Gainers:

Losers:

XRP (XRP): -0.8%

The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.

Market Moves

by Daniel Cawrey

Yearn, EOS Rise Over 30% While Ether and Bitcoin Eke Out Small Gains

Decentralized finance (DeFi) tokens yearn.finance and eos climbed by over a third in spot price Tuesday. Ether and bitcoin were in slightly higher.

The biggest CoinDesk 20 gainers Tuesday were yearn.finance (YFI), up 48%, and eos (EOS), jumping 36.6% as of 21:00 UTC (4:00 p.m. ET).

Performance of yearn.finance (green) and eos (blue) on Coinbase so far in 2021 (Source: TradingView)

Rich Rosenblum, co-founder of crypto market maker GSR, told CoinDesk the jump in YFI, which is a lending and yield service where users can park crypto to make gains, comes from its ease of use.

Peter Chan, lead trader at OneBit Quant, told CoinDesk he’s concerned about DeFi’s continued success on Ethereum, which may be why alternative platforms like Eos are doing so well in digital-asset markets. Growth of the sector seems to still be adding to congestion on the Ethereum network, particularly when exchanging tokens on the decentralized exchange Uniswap.

“It’s been quite tough lately dealing with the insane gas prices,” Chan said. “Trading on Uniswap costs more than $200 per transaction now. Crazy.”

According to ETH Gas Station, Uniswap is one of the top generators of fees on Ethereum: Users have spent $2 million in the past 30 days paying for transactions to be processed on the exchange.

Ether volumes a bit higher than BTC, again

Ether’s exchange volume, as tracked by CoinDesk Research, was holding its ground. In fact, ether volume for Monday was at $80 billion, while bitcoin was a bit below that, at $78 billion. The last time ether volume surpassed BTC was a week ago, on May 4.

Bitcoin (black) and ether (red) volumes the past month (Source: CoinGecko)

Bitcoin in a $6,000 range the past two weeks

Over the past two weeks, bitcoin has stayed within a $6,000 variance range quite consistently, between $53,000-$59,000, according to CoinDesk 20 historical data.

While some may argue these tight price ranges give bitcoin increased “store of value” properties, the reality is that since April 16 bitcoin’s 30-day volatility has been rising. As of Monday’s closing data, bitcoin is at over 72% in 30-day volatility, its highest level since March 27.

Analysts are also keeping an eye on bitcoin’s dominance for a possible move upward. Dominance is still trending down 2% Tuesday, as of press time, and is below 45%, according to chart software TradingView.

Bitcoin (black) and ether (red) volumes the past month (Source: CoinGecko)

Read the original story here:

Market Wrap: Yearn, EOS Rise Over 30% While Ether and Bitcoin Eke Out Small Gains

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Technician's Take

by Damanick Dantes

Bitcoin Struggles Near Resistance; Could Find Support at $55K

Bitcoin (BTC) failed to break above resistance around $58,000 on Tuesday. The cryptocurrency is trading around $56,200 at the time of writing. Buyers could return around the $55,000 support level which held during the weekend sell-off.

Hourly bitcoin chart shows support and resistance levels with RSI (Source: TradingView)

Original story found here:

Bitcoin Struggles Near Resistance; Could Find Support at $55K

A message from CME

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BOLO

Be on the look out for these upcoming events:

A message from CoinDesk

Unlocked 101 at Consensus by CoinDesk 2021

The countdown is on to Consensus by CoinDesk, our virtual big-tent event this May.

For those who need a primer or to brush up on the fundamentals, we're hosting Unlocked 101, a free educational series designed to give you the tools you need to navigate crypto.

Sessions run May 4–20, covering the basics of Bitcoin, DeFi, scams and hacks and the NFT boom.

Register for Unlocked 101.

ICYMI

In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:

Ether’s Record-breaking Rally; the Musk Effect, What Crypto Means to Latin America

Top cryptocurrencies are a sea of green as observers ponder a new Dogecoin mystery: Why did the meme crypto suddenly crash and recover? Igor Telyatnikov of exchange software provider AlphaPoint joins our markets discussion. Plus, Mexico-based crypto exchange Bitso, the first crypto unicorn in Latin America, on what's driving crypto demand in that part of the world. Unstoppable Domains has announced integration with another browser. Co-founder Brad Kam discusses the new blockchain-based domain model.

Latest Headlines

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The milestone came as ether hit an all-time high of over $4,370.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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