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OKEx Insights Crypto Market Daily DeFi Ethereum Bitcoin

Altcoins outperform BTC and ETH as crypto market remains extremely fearful

2021.06.24 Adam James

While the cryptocurrency market leaders struggle to find traction, some altcoins are taking advantage. 

The total cryptocurrency market capitalization is down an even 1% amid pullbacks of almost 2% and 3% for BTC and ETH, respectively. Various altcoins are outperforming and keeping the market afloat — including ADA and DOGE, which are up more than 6% and 7%, in that order.

The cryptocurrency market is a mixed bag today, with various altcoins outperforming BTC and ETH. Source: Coin360

Sentiment in the cryptocurrency market has improved slightly, though participants are still extremely fearful. Per multifactorial crypto market sentiment analysis from alternative.me, extreme fear has become the norm over recent months.

Crypto market sentiment has improved since yesterday but is still negative. Source: alternative.me

Global DeFi market sits over $100 billion

The total value locked in the entire decentralized finance market — not exclusive to Ethereum — is currently sitting just over $100.41 billion, per data from Defi Llama. Aave remains the dominant DeFi protocol with a 9.87% market share, despite losing the most TVL among major protocols over the past day.

The total value locked in the entire DeFi ecosystem is just over $100 billion. Source: Defi Llama

Top altcoin gainers and losers: BCHA outperforms everything

  • BCHA/USDT +44.67%
  • KLAY/USDT +22.11%
  • ANW/USDK +16.97%
  • KONO/USDT -9.23%
  • PERP/USDT -9.64%
  • TMTG/USDT -14.03%

Interestingly, the top-performing altcoin on OKEx today is Bitcoin Cash fork BCHA, which has increased by more than 42%. The worst performer, meanwhile, is yesterday's biggest gainer — TMTG.

BCHA is the top-performing altcoin on OKEx today. Source: OKEx

BTC technical analysis: On the verge of turning bullish

The price of BTC is still holding above the long-standing area of expected buying interest. At the same time, it is trying to push through the ribbon of exponential moving averages on the four-hour time frame — a breakthrough of which could open the door to 40,000 USDT and reignite bullish sentiment.

OKEx's BTC/USDT 4h chart — 6/24. Source: OKEx, TradingView

ETH technical analysis: In danger of collapsing against BTC

The price of ETH continues to struggle against BTC. Pressure is coming from above in the form of a descending trendline and the four-hour EMA ribbon. If 0.057 BTC falls, the trapdoor could open to 0.05 BTC.

OKEx's ETH/BTC 4h chart — 6/24. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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