BTC under pressure from sellers, SushiSwap stages comeback
BTC recovers from flash crash as US stocks plummet amid coronavirus and inflation fears
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The cryptocurrency market has cooled off slightly after a strong transition to the new year was followed by yesterday's violent flash crash and subsequent recovery. The price of BTC is currently down 2.4% across global cryptocurrency exchanges and is changing hands at roughly 31,181 USDT per coin on OKEx.
The total cryptocurrency market capitalization has declined 2.6% to $867,301,530,990, as per data from CoinGecko. BTC dominance has also decreased to 67.1% as some notable altcoins — such as ADA and XLM — have outperformed the market leader.
Wall Street hit hard amid increased coronavirus cases
Markets in the United States experienced their worst day since October as the ongoing coronavirus pandemic remains difficult to contain and fears increase about renewed lockdown measures around the world. Inflation has also become a major concern as plans for continued money printing are hamstringing long-term confidence.
DeFi market surges as Uniswap widens gap with SushiSwap
The total value locked in the decentralized finance market has increased to over $18 billion, according to DeFi Pulse. At the same time, Maker's market dominance has decreased slightly to 20.88%.
SushiSwap has finally gained a bit of ground on the leading decentralized exchange, Uniswap. The latter gained 5.54% in TVL while SushiSwap gained 13.05%.
Top altcoin gainers and losers
- CELO/USDT +78.29%
- LRC/USDT +71.70%
- SNX/USDT +37.02%
- AERGO/USDT -10.92%
- ETM/USDT -21.74%
- XSR/USDT -21.77%
BTC technical analysis
Following yesterday's harsh flash crash and immediate recovery, the price of BTC has found support above 30,000 USDT and inside the ribbon of exponential moving averages on the four-hour time frame. Losing support here would open the door for lower prices — potentially as far down as 20,000 USDT in the medium term. However, the macro trend remains firmly bullish until proven otherwise.
ETH technical analysis
The price of ETH remains volatile after a dramatic surge. Traders may exercise caution as the leading altcoin's current range is between roughly 1,100 USDT and 820 USDT.
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