Altcoins outperform BTC and ETH as crypto market remains extremely fearful
Altseason well underway as BTC bores and small-caps surge
The cryptocurrency market is currently working its way through illiquid altcoins.
Among major projects, gains have been muted compared to older and legacy altcoins. ADA and BCH are both up roughly 18%, while ETC is up nearly 54% — something many are largely crediting to retail traders choosing a "cheaper Ethereum."
DeFi market nears $77 billion
The total value locked in decentralized finance has increased by approximately $3 billion since this time yesterday, with respectable TVL gains being found across the entire sector.
Following the launch of Uniswap V3, the leading decentralized exchange has been outperformed by second-ranked Curve Finance and third-ranked SushiSwap, which have added 1.75% and 3.44% to their TVLs, respectively.
Top altcoin gainers and losers: Small caps dominate
- QUN/USDT +250.68%
- TOPC/USDT +100.52%
- PROPS/USDT +47.87%
- VALUE/USDT -9.38%
- PMA/USDT -9.67%
- PICKLE/USDT -16.58%
Small-cap altcoins are dominating on OKEx today, with two seeing percentage gains in the triple digits. QTUM is the top-performing large-cap altcoin — slightly ahead of ETC.
BTC technical analysis: Altcoins stealing all the spotlight
There is still nothing to write home about when it comes to BTC trading against USDT. The leading cryptocurrency remains mildly bullish above the ribbon of exponential moving averages on the four-hour time frame, but market optimism has tangibly left and moved on to altcoins.
ETH technical analysis: Priming for another move
With altseason well underway, the price of ETH remains bullish against BTC as it continues to find buyers at the four-hour EMA ribbon. The second-ranked cryptocurrency by market capitalization appears interested in pushing higher.
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