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BTC grinds higher as most altcoins falter

2021.10.11 Adam James

While the wider altcoin market struggles, SHIB, BABYDOGE, BADGER and OHM are outperforming.

The cryptocurrency market is up a slight 0.4% today off the back of a 3% increase in the price of BTC over the past 24 hours. The wider altcoin market is down against the foremost cryptocurrency — with the exception of SHIB, which is up 10.2% against BTC. OlympusDAO's OHM token is also up 15.1% against the cryptocurrency-market leader.

The wider altcoin market is underperforming BTC today. Source: COIN360

NFT Snapshot: OpenSea suspends DAO Turtles

Leading headlines in the nonfungible-token space today is the news that OpenSea suspended DAO Turtles trading on the grounds that the project violated the leading NFT marketplace's rules regarding financial activities. Prior to the suspension, more than 570 ETH in trading took place.

Some are assuming that the move is an effort to prevent unregistered securities from trading on OpenSea — which has sparked concern over many leading NFT projects that offer some form of financial incentive for holders.

Top altcoin gainers and losers: BABYDOGE leads market

  • BABYDOGE/USDT +23.36%
  • BADGER/USDT +19.54%
  • FAIR/USDT +18.54%
  • CVP/USDT -13.48%
  • STX/USDT -14.24%
  • LOON/USDT -24.96%

The top-performing altcoin on OKEx today is, once again, BABYDOGE. The memecoin is up roughly 23%, per the exchange's default time settings and as of the time of this writing. SHIB, meanwhile, is up roughly 11%.

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

BTC technical analysis: Grinding higher, despite concerns

The price of BTC continues to grind higher as most altcoins struggle. The four-hour ribbon of exponential moving averages is providing support — but the deeply negative GBTC premium for Grayscale's banner product is causing some concern about the sustainability of this rally.

OKEx's BTC/USDT 4h chart — 10/11. Source: OKEx, TradingView

ETH technical analysis: Down bad against BTC

The price of ETH failed spectacularly against BTC at the expected confluence of historic support/resistance and the four-hour EMA ribbon. Over the weekend, ETHBTC pushed lower — but is in the process of attempting a bounce. The EMA ribbon is expected by many to provide resistance until further notice.

OKEx's ETH/BTC 4h chart — 10/11. Source: OKEx, TradingView

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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.