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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

BTC pulls crypto market cap up as altcoins recede

2021.01.09 Adam James

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

Crypto Market Daily

The cryptocurrency market both has and has not pulled back after yesterday's impressive surge. The price of BTC has increased by 4.7% across global digital asset exchanges over the past 24 hours, lifting the total crypto market capitalization to $1.085 trillion. However, the altcoin market is severely underperforming. Almost every major altcoin is down substantially against BTC — except for LTC, which is only down 3.7% against the market leader over the past 24 hours.

Most altcoins have lost value against USD as BTC continues to climb. Source: Coin360

DeFi market surges as Uniswap widens gap with SushiSwap

The total value locked in decentralized finance has increased from yesterday's $22.43 billion to today's $22.59 billion, as per data from DeFi Pulse. Pickle Finance is the biggest winner in the space after its TVL increased by nearly 60% over the past 24 hours. Swerve Finance, on the other hand, lost 65.39%.

Uniswap unsurprisingly holds the top spot among all decentralized exchanges. In the battle for second place, Curve Finance has slightly widened its lead over SushiSwap after the former saw a one-day TVL increase of 3.92% versus the latter's increase of only 1%.

The total value locked in DeFi is still over $22 billion. Source: DeFi Pulse

Top altcoin gainers and losers 

  • HBAR/USDT +47.52%
  • SOL/USDT +39.50%
  • PPT/USDT +39.30%
  • FAIR/USDT -19.70%
  • CHAT/USDT -20.00%
  • QUN/USDT -28.70%

The best performers on OKEx have once again seen larger price swings than the worst performers. SOL and PPT are both pushing gains of 40% while HBAR fluctuates around 50%.

HBAR has seen the largest gain on OKEx over the past 24 hours. Source: OKEx

BTC technical analysis

BTC continues to perpetuate the idea that there is no direction to go but up in the new paradigm. The rate of increase has been extraordinary, to say the least — even by BTC's standards. Until proven otherwise, the ribbon of exponential moving averages on the four-hour time frame should continue to act as support.

Should BTC continue to ignore traditionally toppy signs and the Relative Strength Index, the area around 47,000 USDT may act as the next upside target.

OKEx's BTC/USDT 4h chart — 1/8. Source: OKEx, TradingView

ETH technical analysis

The ETHBTC pair seems keen on returning to the range of historical interest highlighted in the chart below. ETH bulls may be looking to swap BTC for the leading altcoin around that range.

OKEx's ETH/BTC 4h chart — 1/8. 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.