BTC under pressure from sellers, SushiSwap stages comeback
BTC holds $19,000 as Dow hits new milestone
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) has been choppy over the past 24 hours but is trading up 3.5% across global cryptocurrency exchanges. The first and foremost cryptocurrency is currently trading at 19,177 USDT on OKEx.
Altcoins, however, aren't faring as well today. With the exception of Stellar (XLM) and NEM (XEM) being up by double-digit percentages, many major coins and tokens are down anywhere between 3% and 7%.
Despite the altcoin-market pullback, the total cryptocurrency market capitalization is up 2.2% and now sits over $583 billion, according to CoinGecko. BTC dominance has recovered from yesterday's 59.4% to today's 60.9%.
The Crypto Fear & Greed Index, meanwhile, has surged higher into "Extreme Greed" territory, where it has sat for an extended period of time. The sentiment-focused metric is now registering a 94 — up from yesterday's 88 — and is often considered to be a fairly reliable indicator for counter trading the market.
The Dow has garnered most of the headlines in the traditional markets today after passing 30,000 for the first time ever. Alongside the milestone, stocks continued their rallies as the transition from President Trump to President-elect Biden formally commences.
Top altcoin gainers and losers
- ZIL/USDT +30.22%
- PST/USDT +15.79%
- XLM/USDT +14.71%
- MXT/USDT -13.66%
- DMD/USDT -14.69%
- YEE/USDT -15.72%
BTC technical analysis
While it is incredibly easy to give in to the euphoria surrounding BTC's push to a new all-time high, removing most technical indicators from the daily price chart may provide us with a clearer picture and cut out some of the noise that may cloud judgments.
The fundamental picture for BTC remains as strong as ever, but the market principle of "buy low, sell high" is one to always remember. Throughout most of November, BTC has been on a somewhat-parabolic run while spending a lot of time in overbought territory on the daily Relative Strength Index. Likewise, we already know that the market is sitting in "Extreme Greed" territory.
It is entirely possible that BTC continues its impressive run and experiences something of a blow-off top before correcting. Still, it is important to keep in mind where it stands, today.
ETH technical analysis
The price of Ether (ETH) has gone vertical ahead of the Phase 0 launch of Ethereum 2.0 in the first week of December. Traders will now closely weigh whether or not the launch is being "priced in" or not. As it stands, today, the leading altcoin's price is currently well above the daily ribbon of exponential moving averages.
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