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BTC holds gains while ETH and altcoins sustain losses

2020.10.27 Adam James

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

The price of Bitcoin (BTC) hasn't changed much over the past 24 hours and is currently trading around 13,100 USDT on OKEx — a daily increase of 0.7%. The same cannot be said for many altcoins, however, which have dropped significantly. The price of Ether (ETH) is down 3.1% and Chainlink (LINK) is down 4.7%. Polkadot (DOT), though, has outperformed and is up 9.1%.

Despite losses among many altcoins, the total cryptocurrency market capitalization has risen 0.1% over the past 24 hours and now sits at $401,072,856,731, according to data from CoinGecko. BTC dominance, meanwhile, has increased to 60.8%.

Top cryptocurrency prices - 10/27
The price of BTC has remained stable as many altcoins have sustained losses. Source: Coin360

Uncertainty surrounding the surging number of COVID-19 cases in Europe and the United States, and the latter's upcoming presidential election, is shaking traditional markets — which may continue to weigh on the cryptocurrency market, as well.

Top altcoin gainers and losers 

  • IQ/USDT +36.46%
  • KSM/USDT +27.80%
  • QUN/USDT +20.00%
  • WING/USDT -14.57%
  • SFG/USDT -22.43%
  • ROAD/USDT -34.33%

ROAD has regained its spot as OKEx's worst performer, which is becoming something of a meme over the past two weeks. On the other side of the spectrum, Everipedia (IQ) has surged a whopping 36.46% over the past 24 hours.

BTC technical analysis

Because there has been little change in the price of BTC over the past 24 hours, there haven't been many developments on the technical analysis front. The daily chart is still overbought on the Relative Strength Index, but the market leader still looks interested in testing resistance at $14,000. Support remains underneath in the form of the exponential moving averages and previous resistance.

Bitcoin price chart - 10/27
OKEx's BTC/USDT 1D chart — 10/27. Source: OKEx, TradingView

ETH technical analysis

The price of Ether (ETH) may currently be in a bit of trouble. It is currently trading underneath both the four-hour ribbon of exponential moving averages and its previous resistance. Furthermore, the RSI still has more room to move down and enter oversold territory in the same time frame. Failure to regain the range above may see ETH decrease back to previous support at $335.

Ethereum price chart - 10/27
OKEx's ETH/USDT 4h chart — 10/27. 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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