OKEx - Leading Cryptocurrency Exchange Demo Trading

Share articles to

Academy Trading Ideas Article
Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

BTC hits new all-time high as ETH melts up and XLM skyrockets

2021.01.07 Adam James

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

Crypto Market Daily

The cryptocurrency market has rallied strongly today off the back of a 7.8% gain for BTC. The foremost digital asset is currently trading around 34,633.10 USDT on OKEx, at the time of writing. 

Altcoins are also seeing impressive gains today, though the spotlight is firmly fixed on XLM. Stellar's native asset is up an astounding 75.4% across global exchanges after reports emerged that Ukraine would use the network to develop its own central bank digital currency — despite the country claiming that XLM itself would not factor into the CBDC.

The price of XLM has increased by nearly 78% on OKEx. Source: OKEx

The total cryptocurrency market capitalization has surged 8.3% — in line with BTC — while the top digital asset's dominance sits at 67%, as per data from CoinGecko.

The cryptocurrency market is a sea of green today as BTC and altcoins surge. Source: Coin360

DeFi market surges as Uniswap widens gap with SushiSwap

The total value locked in the decentralized finance market has — in line with the wider cryptocurrency market — surged to $20.4 billion, as per data from DeFi Pulse. Maker dominance, meanwhile, has seen a slight decrease to 20.11%.

For the first time in a while, Uniswap and SushiSwap both saw similar gains in TVL. The leading decentralized exchange saw its TVL increase by 7.64% while SushiSwap saw an increase of 7.40%. Uniswap's TVL lead is currently $0.84 billion.

The total value locked in DeFi has surged above $20 billion. Source: DeFi Pulse

Top altcoin gainers and losers 

  • MXT/USDT +111.97%
  • XLM/USDT +80.96%
  • SNT/USDT +47.86%
  • LRC/USDT -14.77%
  • CELO/USDT -15.17%
  • XPR/USDT -17.75%

Despite XLM's stellar gain of more than 80%, Ethereum-based synthetic asset issuance protocol MixTrust's MXT has outshone the XRP clone with a percentage gain in the triple digits.

MXT pumped by well over 100% today. Source: OKEx

BTC technical analysis

The price of BTC reached a new all-time high today before pulling back slightly. Buying interest may remain along the ribbon of exponential moving averages on the four-hour time frame, as well as around 30,000 USDT underneath. The leading cryptocurrency's buyers continue to show a blatant disregard for the Relative Strength Index and care very little about bearish divergences.

OKEx's BTC/USDT 4h chart — 1/6. Source: OKEx, TradingView

ETH technical analysis

The price of ETH appears to be melting up after some extreme volatility. Traders may look to exercise caution as said volatility may not disappear. The four-hour EMA ribbon may act as some support in the event of a pullback, but ETH's upward move is so vertical that the ribbon's range is quite large and, thus, may not prove particularly relevant. 

OKEx's ETH/BTC 4h chart — 1/6. Source: OKEx, TradingView

Not an OKEx trader? Learn how to start trading!

OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. Follow OKEx Insights on Twitter and Telegram.

Exclusive Reward for Newcomers

Earn free bitcoin worth $10 by signing up & placing your first order!

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.