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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

BTC cools as DeFi holds steady and ETH looks to start outperforming

2021.03.04 Adam James

Though the price of BTC and various altcoins are cooling off, DeFi TVLs are holding steady.

The cryptocurrency market has cooled off this morning following a 2.0% decline in the valuation of its leader, BTC. The total cryptocurrency market capitalization currently stands at $1.57 trillion.

The total cryptocurrency market capitalization is over $1.57 trillion. Source: CoinGecko

The altcoin market is something of a mixed bag, though most major altcoins are experiencing pullbacks. XRP, UNI, ATOM and THETA are some altcoins that are currently in the green.

The altcoin market is primarily down, though some coins and tokens are in the green. Source: Coin360

Despite the general pullback in the cryptocurrency market, traders and market participants are even more greedy today than they were yesterday, according to multifactorial crypto market sentiment analysis from alternative.me.

Generally speaking, many would consider this to be a bearish recipe.

Crypto market sentiment is greedier today than it was yesterday. Source: alternative.me

DeFi holds $40 billion as Uniswap underperforms among DEXs

The decentralized finance market is currently holding strong, despite a wider cryptocurrency market pullback. The total value locked in DeFi remains above $40 billion, thanks to modest performances from Curve Finance, SushiSwap and Balancer. At the same time, Bancor has added more than 11% to its TVL.

The total value locked in DeFi is holding steady today. Source: DeFi Pulse

Uniswap is underperforming among major decentralized exchanges. The second-ranked DEX now sits only $0.4 billion above third-ranked SushiSwap.

The total value locked in Uniswap is underperforming. Source: DeFi Pulse

Top altcoin gainers and losers: FLOW explores price discovery

  • AERGO/USDT +37.91%
  • MXT/USDT +19.95%
  • HBAR/USDT +16.15%
  • MOF/USDT -8.12%
  • TAI/USDT -9.79%
  • EM/USDT -18.35%

Though not among the three best performers on OKEx, FLOW may be the most notable gainer on the exchange. The blockchain powering NBA Top Shot's native asset is up 13.79% as it continues to create new all-time highs.

FLOW is up more than 13% on OKEx. Source: OKEx

BTC technical analysis: BTCUSDT at week's crucial price level

The price of BTC is currently testing a key area of support in its bid to push back toward its previous all-time high of roughly 58,000 USDT. The area of support comes in the form of the tightening ribbon of exponential moving averages on the four-hour time frame. 

Failure to find support at the four-hour EMA ribbon could see a test of 46,000 USDT. Finding support here, however, could inject confidence into the pulls and solidify a push to reclaim 50,000 USDT with conviction.

OKEx's BTC/USDT 4h chart — 3/04. Source: OKEx, TradingView

ETH technical analysis: ETHBTC trying to put in a bottom

ETH is desperately trying to put in a bottoming pattern of sorts against BTC. 

The foremost altcoin is putting pressure on the bearish four-hour EMA ribbon. Breaking through could inject some bullish life into ETH and provoke buyers into pushing the price toward 0.038 BTC.

OKEx's ETH/BTC 4h chart — 3/04. 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.