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Bitcoin Ethereum Crypto Market Daily

BTC continues its run alongside positive COVID-19 vaccine news

2020.11.17 Adam James

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

The price of Bitcoin (BTC) pushed higher yesterday, rising from a low of $15,875 to a high of $16,895. The market-leading cryptocurrency is currently up 3.5% over the past 24 hours and is trading at 16,642 USDT on OKEx.

Altcoins have finally moved up alongside BTC, with some seeing impressive gains. XRP surged over 10% while Litecoin (LTC), Polkadot (DOT) and Aave have all seen gains of around 9%.

The total cryptocurrency market capitalization has risen approximately $16 billion and now sits around $486 billion, according to CoinGecko. BTC dominance, meanwhile, has decreased to just under 64%.

Top cryptocurrency price chart - 11/17
The cryptocurrency market is almost universally green after adding $16 billion to its market capitalization. Source: Coin360

Stocks in the United States continue to surge following news that Moderna's preliminary COVID-19 vaccine trial has been more than 94% effective. The Dow is nearing a new high as confidence floods the market, despite the rising number of new coronavirus infections in the United States and Europe.

It appears that traditional market investors are laying the foundation for long-term investment plans as positive vaccine news continues to roll in. Against this backdrop, the price of BTC could continue to increase in the long-term as investors' appetite for risk increases.

Top altcoin gainers and losers 

  • ZYRO/USDT +27.01%
  • SFG/USDT +26.36%
  • QUN/USDT +23.20%
  • VALUE/USDT -10.44%
  • ARDR/USDT -14.40%
  • LMCH/USDT -17.03%

S.Finance (SFG) is once again on OKEx's list of top performers, for the second day in a row, after surging another 26%. Otherwise, gains and losses are somewhat more modest when compared to yesterday's results.

BTC technical analysis

Though it is difficult to find a bearish scenario for BTC in the macro picture, it is easier to search for possible corrective scenarios in the short-term. One such possible scenario is that the market leader's price is currently inside of an ascending wedge — a pattern that is more bearish than bullish. Additionally, the price of BTC is putting in higher highs while tracing the highs on the four-hour relative strength index creates a downward sloping trend. This is a potentially bearish sign in the short-term.

However, despite this, the thirst for BTC on spot exchanges remains strong, and we may see something of a blow-off top before any major correction.

Bitcoin price chart - 11/17
OKEx's BTC/USDT 4h chart — 11/17. Source: OKEx, TradingView

ETH technical analysis

The price of Ether (ETH) appears to have broken down from an ascending wedge pattern. However, it quickly bounced back to above the four-hour ribbon of exponential moving averages. Resistance remains around $490 while support sits at $395.

Ethereum price chart - 11/17
OKEx's ETH/USDT 4h chart — 11/17. Source: OKEx, TradingView

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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.