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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

Altseason well underway as BTC bores and small-caps surge

2021.05.06 Adam James

The cryptocurrency market is currently working its way through illiquid altcoins. 

The cryptocurrency market has increased modestly today after a 2.79% gain in total market capitalization, per data from crypto tracker and crypto portfolio CoinCodex. 

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."

The cryptocurrency market is mixed today as some older altcoins see impressive gains. Source: Coin360

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.

The total value locked in DEXs is currently holding above $25 billion. Source: DeFi Pulse

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.

QTUM is the top-performing large-cap altcoin on OKEx today. Source: OKEx

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.

OKEx's BTC/USDT 4h chart — 5/6. Source: OKEx, TradingView

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.

OKEx's ETH/BTC 4h chart — 5/6. 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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