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BTC appearing overbought as ETH attempts a breakout

2020.11.20 Adam James

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

The price of Bitcoin (BTC) is up 2.5% across global cryptocurrency exchanges this morning and is trading around 18,150 USDT on OKEx. 

Over the past 24 hours, major altcoins have also seen significant rallies. The price of Ether (ETH) and Chainlink's token are both up by more than 4%, while Litecoin (LTC) and Polkadot (DOT) are both up by more than 10%.

The altcoin rally has helped increase the total cryptocurrency market capitalization by 3% to over $518 billion, according to CoinGecko. BTC dominance, meanwhile, is sitting just over 65%.

The cryptocurrency market is a sea of green today. Source: Coin360

Despite the continued uptick in COVID-19 cases in the United States and elsewhere, traditional markets are still making every effort to remain positive. The Dow, S&P 500 and Nasdaq Composite all scraped out gains yesterday after experiencing a rocky morning. However, with lockdown restrictions still in force, some analysts are expecting decreased holiday spending.

Top altcoin gainers and losers 

  • QUN/USDT +90.04%
  • ROAD/USDT +36.68%
  • MLN/USDT +36.11%
  • MEME/USDT -8.26%
  • INX/USDT -9.81%
  • ZYRO/USDT -12.63%

The top performers on OKEx over the past 24 hours have seen significantly higher gains than the worst performers have seen losses. QUN is up an astonishing 90% while ZYRO, the biggest loser, is only down 12.63%.

BTC technical analysis

Taking a step back this Friday and looking at the big picture, we can see that BTC's rally has been nothing short of outstanding. The market-leading cryptocurrency has seen — barring an unforeseen price collapse today or over the weekend — seven straight green weekly candles. This has pushed the weekly Relative Strength Index well into overbought territory.

While the price of BTC still has some seemingly clear skies on the path to the previous all-time high around $20,000, one should bear in mind that the market is currently exhibiting signs of short-term greed.

OKEx's BTC/USDT 1W chart — 11/20. Source: OKEx, TradingView

ETH technical analysis

Taking a look at the price of Ether (ETH), the market-leading altcoin is in the process of attempting a breakout above the $495 resistance level. Success here could see the price of ETH push significantly higher in the coming weeks as Phase 0 of Ethereum 2.0 prepares for its roll-out. 

OKEx's ETH/USDT 1D chart — 11/20. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features, original research & 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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