Bitcoin futures show returning optimism, but uncertainty remains the dominant theme
Altcoins outperform BTC and ETH as crypto market remains extremely fearful
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.
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.
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.
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%
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.
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.
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