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BTC correction reins in crypto market cap amid increased COVID-19 fears

2020.10.29 Adam James

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

The price of Bitcoin (BTC) has dropped 2.7% over the past 24 hours and is now trading around 13,175 USDT on OKEx. The pullback has also dragged the total cryptocurrency market capitalization down 2.8% to $400,445,407,544, as per data from CoinGecko. BTC dominance has also dropped slightly and now stands at 61.3%, down from yesterday's 61.7%.

The altcoin market has also bled alongside BTC's decline, but losses haven't been terribly dramatic. Crypto.com Coin (CRO) is the most noteworthy loser among major altcoins after dropping 7.3%,

Top cryptocurrency prices - 10/29
With the exception of some altcoins, the cryptocurrency market is a sea of red. Source: Coin360

The rising number of COVID-19 cases in the United States and Europe continues to rattle the traditional markets, with the Dow Jones Industrial Average dropping 943 points, or 3.4%, on Wednesday. At the same time, the S&P 500 lost 3.5%, and the Nasdaq 100 lost 3.7%. European markets saw similar declines, as well.

Top altcoin gainers and losers 

  • PST/USDT +24.81%
  • KCASH/USDT +24.31%
  • UBTC/USDT +11.74%
  • HDAO/USDT -19.07%
  • SWRV/USDT -20.00%
  • MXT/USDT -27.87%

ROAD is taking a break from OKEx's list of worst performers. In its place today is MixTrust (MXT), which dropped nearly 28% over the past 24 hours. On the flip side, Primas Token (PST) has garnered the top spot with a gain of nearly 25% over the same time period.

BTC technical analysis

Yesterday, we noted a bearish divergence on the four-hour Relative Strength Index for the price of BTC. As expected, the price of the leading cryptocurrency almost immediately declined in a sharp fashion — helping reset a bit of overbought price action.

BTC is currently trading under the hourly ribbon of exponential moving averages. Resistance at $14,000 seems unlikely to be tested in the immediate future, given the shakiness of the traditional markets amid increased COVID-19 cases.

A dramatic decline could see the price of BTC return to levels around $12,000 — though eager buyers may front-run such a price dump.

Bitcoin price chart - 10/29
OKEx's BTC/USDT 1h chart — 10/29. Source: OKEx, TradingView

ETH technical analysis

The price of Ether (ETH) is trading below both the four-hour ribbon of exponential moving averages and $395, the level it unsuccessfully attempted to turn into support. While the leading altcoin could trade around this key level, hanging out underneath it is not a bullish sign.

Ethereum price chart - 10/29
OKEx's ETH/USDT 4h chart — 10/29. 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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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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