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BTC and ETH regroup before potentially pushing higher

2020.10.14 Adam James

Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The price of Bitcoin (BTC) is down 0.3% over the past 24 hours and is trading around 11,420 USDT on OKEx — approximately where it was changing hands at this time yesterday. Equally uneventful are major altcoins, with the price of Ether (ETH) down only 0.2%. Bitcoin Cash (BCH) is the only outlier after pushing up 5.2% over the same time period.

The total cryptocurrency market capitalization shaved off 0.1% and now sits at $368,877,755,101, according to data sourced from CoinGecko. The dominance of BTC, meanwhile, is currently 57.3%.

The cryptocurrency market has seen mild losses over the past 24 hours across multiple exchanges. Source: Coin360

European stocks have been mixed this morning while investors in the traditional markets are preparing for earnings reports from major banks, which has driven up United States futures. Asian stocks pulled back, however, as did the British pound.

Top altcoin gainers and losers 

  • GHST/USDT +24.90%
  • UBTC/USDT +21.75%
  • APM/USDT +19.99%
  • RFUEL/USDT -11.65%
  • MXT/USDT -13.16%
  • TRADE/USDT -30.23%

There are some fresh faces on the list of top performers on OKEx this morning. Aavegotchi (GHST), UBTC and APM all surged nearly 20% or more.

UniTrade (TRADE) once again finds itself back on the list of worst performers — alongside MixTrust (MXT), which was on the list yesterday, as well. The recently listed RioFuel (RFUEL) has also returned to the losers' list.

BTC technical analysis

There have not been many significant developments when it comes to BTC price action. The market-leading cryptocurrency is currently using the ribbon of exponential moving averages as support on the four-hour timeframe.

Resistance remains at $11,800 while an ascending trend line remains intact underneath.

OKEx's BTC/USDT 4h chart — 10/14. Source: OKEx, TradingView

ETH technical analysis

On the same four-hour timeframe, the price of Ether (ETH) is also using the ribbon of exponential moving averages as support on its quest to break above $395 and establish a new, and wider, trading range.

Ethereum price chart - 10/14
OKEx's ETH/USDT 4h chart — 10/14. 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.

OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. 

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