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Crypto Market Daily Uniswap SushiSwap DeFi Ethereum

BTC consolidates as Uniswap sees massive increase in USD value locked

2021.01.18 Adam James

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

The digital asset market has started the week in a state of lethargy. The total cryptocurrency market capitalization is up 1.5% over the past 24 hours as the price of BTC trades around 36,214 USDT on OKEx — an increase of approximately 0.7%. 

There are no particular standouts among the leading altcoins, with ETH and DOT down 0.8% and 0.2%, respectively. The dominance rate of BTC has declined substantially over the weekend, however — falling by nearly 2% to 65.2%.

The cryptocurrency market is relatively unexciting today after an exhilarating ride last week. Source: Coin360

The declining volatility in the BTC market has not gone unnoticed. As noted by skew, BTC "at the money" implied volatility sold off this weekend while the leading cryptocurrency trades range-bound around its current level.

Uniswap's TVL surges, leaving competitor DEXs in the dust

The decentralized finance space remains the hottest sector in the cryptocurrency market and is far from stagnating. The total value locked in DeFi has increased to $24.77 billion, as per data from DeFi Pulse. Maker dominance, meanwhile, has dropped from under 19% on Friday to 17.19% today.

Uniswap is the big winner on the day after seeing a TVL increase of almost 28%. The surge has pushed its total value locked to $4.10 billion and put some serious space between it and its competition in the decentralized exchange sphere. Curve Finance and SushiSwap only saw TVL increases of 3.69% and 1.32%, respectively. Uniswap now has a TVL lead of more than $2 billion over the second-ranked DEX.

The total value locked in Uniswap has surged to over $4 billion. Source: DeFi Pulse

Top altcoin gainers and losers: CRV underperforms DeFi market 

  • EM/USDT +101.83%
  • VALUE/USDT +23.67%
  • GRT/USDT +19.51%
  • 1INCH/USDT -11.86%
  • CRV/USDT -13.32%
  • LMCH/USDT -35.33%

CRV, the in-house token of decentralized stablecoin exchange Curve, is on today's list of worst performers after being one of Friday's winners. 1inch.exchange platform token 1INCH is also among the biggest losers on OKEx today.

CRV went from being Friday's second-best performer to today's second-worst performer, though it is up overall. Source: OKEx

BTC technical analysis: EMA ribbon flat as price consolidates

There have not been many major developments when it comes to the price of BTC. The leading cryptocurrency has continued to consolidate in a tightening range — making the ribbon of exponential moving averages on the four-hour time frame extremely flat. This may imply that a big move is on the way at some point this week.

OKEx's BTC/USDT chart — 1/18. Source: OKEx, TradingView

ETH technical analysis: Holding up better than BTC

The ETHUSDT pair looks visibly stronger than the BTCUSDT pair on the same four-hour time frame. It is consolidating above the EMA ribbon but may very well simply follow the market leader's lead.

OKEx's ETH/USDT 4h chart — 1/18. 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.