Retail no longer buying BTC dips as macro factors drag market down
BTC hunts for $20K as altcoins struggle to keep up
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
Despite some volatility early this morning that saw the price of Bitcoin (BTC) drop below 17,000 USDT on OKEx, the market-leading cryptocurrency is currently trading above 18,000 USDT and is up 9% over the past 24 hours across leading cryptocurrency exchanges.
All major altcoins are significantly underperforming against BTC, though some are seeing gains or trading flat against USD.
The total cryptocurrency market capitalization has risen by 6.4% to $515 billion, according to CoinGecko. BTC dominance, meanwhile, has surged by 1.6% to 65.5%.
Yesterday saw the COVID-19 vaccine-driven rally in the traditional markets lose steam. The focus is now shifting to economic recovery plans. In the European Union, Hungary and Poland are playing hardball in regard to the 2021–2027 budget and recovery fund — something that may hold back markets in the political and economic union.
Top altcoin gainers and losers
- FRONT/USDT +35.98%
- DHT/USDT +30.82%
- BTG/USDT +23.28%
- OM/USDT -15.03%
- WING/USDT -15.06%
- JST/USDT -25.52%
Though BTC is cannibalizing the broader cryptocurrency market, there are always some major winners in the altcoin-trading space. Today's top performer is Frontier (FRONT), while the worst performer is JUST (JST).
BTC technical analysis
The path for BTC seems clear: The market leader wants to test the previous all-time high of around $20,000. This morning's sudden drop to around $17,000 was absorbed by buyers and quickly pushed back up above $18,000 — a sign that sellers have little power in today's market that buyers are firmly in control.
For the foreseeable future, it would seem that all dips will be bought aggressively until BTC experiences some kind of blow-off top.
ETH technical analysis
The price of Ether (ETH) appears to be on the verge of a major breakout above $490 after testing it earlier today. A strong breakout above said level could see the leading altcoin surge higher as Phase 0 of Ethereum 2.0 prepares for launch in December.
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