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Asian Stock Markets May Indicate Positive Week for Altcoins — Crypto Market Daily

2020.07.13 Robbie Liu

The majority of Bitcoin’s (BTC) price volatility in the past week correlated to the stock market. Over the weekend, we saw some spikes to both the upside and the downside — but the price is still running just below $9,300, as per OKEx’s BTC Index Price. Though it barely gained 0.13% over the last 24 hours, long wicks were not friendly to high-leverage market participants. 

This morning, Asian stock markets closed in the green. The Shanghai Composite Index rose 1.77% to close at 3443.29. The Shenzhen Stock Exchange Index and Nikkei 225 surged 3.5%. and 2.22%, respectively. The positive gains could be a preemptive sign for the more influential U.S. stock market, which will open in five hours. 

Today’s total cryptocurrency market capitalization is around $279 billion and down $2 billion from Friday’s high. Meanwhile, Bitcoin keeps losing its market share. Its dominance has dropped to 61.1%, according to data from CoinGecko

Decentralized finance and staking-related cryptocurrencies keep pushing up. ChainLink (LINK) hit a new all-time high of $8.50 early this morning and is up more than 20% in the last 24 hours. LINK is currently ranked in the top 10 crypto assets by market capitalization. The list of partners announced by the Chainlink team continues to grow, particularly in the DeFi sector. 

Cardano's Ada (ADA) and Tezos (XTZ) gained 7.5% and 13.6%, respectively. 

Ether (ETH) up 0.88%, despite rumors that ETH 2.0 Phase 0 will be delayed until 2021. 

OKEx Token Index Board as of 7:00 am UTC. Source: OKEx

Top gainers and losers

  • MOF/USDT +25.87%
  • LINK/USDT +24.28%
  • NDN/USDT +18.27%
  • DOGE/USDT -6.85%
  • PAY/USDT -7.13%
  • APIX/USDT -12.29%

Molecular Future (MOF) surged 25.87% in the last 24 hours, while NDN Link (NDN) rose 18.27%. 

The biggest loser is APIX, which dropped -12.29%. Dogecoin (DOGE) fell 6.85% due to profit-taking after a quick rise last week. 

BTC technical analysis

Bitcoin's price action has been weak, and retail traders have not been interested in going long over the weekend. The BTC long/short ratio peaked at 1.14 last Friday and retraced to around 1.0. At the same time, open interest did not pick up. 

The short-term trend is expected to remain sideways. Intraday resistance is sitting around $9,300, with support at $9,100 and $9,000. We have not seen much active selling pressure. 

Traders may wait for the U.S. stock market to open and set a tone for this week. 

 OKEx BTC Perpetual Swap 1h chart. Source: OKEx, TradingView

ETH technical analysis

ETH has bounced back above the $241 resistance level. Benefiting from DeFi mania, it has a chance to test the recent high of $250 — but trading volume remains low. 

OKEx ETH Perpetual Swap. 1h chart. Source: OKEx, TradingView

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.

OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. Follow OKEx Insights on Twitter and Telegram.

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