Top Crypto Gainers Today on DEXScreener – WALLETAI, BOBO, MEW
On a mostly bearish day in the cryptocurrency market on Tuesday, Render (RNDR), Kaspa (KAS) and Tron (TRX) are top crypto gainers today and some of the only coins trading in the green over the past 24 hours.
Each of these altcoins was last up between 1.5-5% in the past 24 hours.
Bitcoin (BTC), meanwhile, dropped 1.2% on Tuesday to the low $62,000s, after finding resistance once again at its 50DMA.
While the world’s largest crypto remains substantially higher versus last week’s lows, that suggests the bulls haven’t regained full control.
That shouldn’t come as too much of a surprise. The SEC hit Robinhood with a Wells Notice this week, throwing US regulatory uncertainty into the spotlight once again.
JUST IN‼️ – SEC Chairman Gary Gensler is asked about the SEC's current priorities, the recent Wells Notice issued to Robinhood, and more. pic.twitter.com/2VhiYPyw9F
— Swan (@Swan) May 7, 2024
The outlook for Bitcoin remains one of consolidation for the months ahead. Firstly, the summer months tend not to be particularly exciting for BTC.
Sell in May and go away in Bitcoin? @MadsEberhardt with all the data here -> https://t.co/OQyGuqYCFr pic.twitter.com/qxyr0yZ2nN
— Andreas Steno Larsen (@AndreasSteno) May 2, 2024
Secondly, post-halving rallies typically don’t propel the price to new highs for around 4-6 months. The halving latest halving was only a few weeks ago.
Moreover, Fed rate cuts aren’t expected until the end of the year. And a lot could still change that could push expectations for the first-rate cuts into 2025, like continued US economic strength/high inflation.
As a result, Bitcoin lacks narrative strength to propel it higher right now. It will likely remain stuck within recent $56,000-$74,000ish ranges.
With blue-chip
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