Crypto market cap takes back $2 trillion as DeFi reclaims $50 billion
BTC saw selling exhaustion on Sunday and has bounced alongside stock futures
BTC's price bottomed out this Monday as selling pressure fades away.
Bitcoin started to rebound yesterday afternoon UTC time and has achieved a 4.44% gain in the last 24 hours. The market leader is now trading over 47,000 USDT as per the OKEx BTC spot price. In last Friday's Crypto Market Daily, we noted that a bullish divergence on the RSI indicator might be in play, however, Bitcoin's slide stopped only after it posted another lower low near 43,000 USDT on Sunday. The short-term relief in Bitcoin prices was also accompanied by a jump in the U.S. stock futures, with all three major indexes up more than 1% this Monday.
ETH rallied 7.6% to lead a rebound in the altcoin sector, and DOT, LINK and OKB outperformed BTC in the last 24 hours. ADA did not follow the trend and saw a correction before its "Mary" upgrade, which is due this Monday.
TVL in DeFi protocols saw a sharp decline
The total value locked in decentralized finance saw a slight rebound in the last eight hours, increasing from a recent low of Sunday's $35.90 billion to $36.56 billion. The TVL in AAVE jumped 13% in the last 24 hours while the TVL in other lending protocols such as Maker and Compound rose around 7%.
At the same time, the DeFi Pulse Index, a capitalization-weighted index that tracks the performance of decentralized financial assets across the market, saw a 9% rebound.
Top altcoin gainers and losers
- FTM/USDT +38.28%
- REP/USDT +29.88%
- RVN/USDT +25.36%
- CTXC/USDT -8.06%
- ANW/USDT -8.38%
- WGRT/USDT -8.96%
The market's frustration with the lack of Ethereum's scalability has led to traders chasing protocols such as Fantom. Its native token, FTM, has reaped a 60% return over the last seven days against the market downtrend.
No altcoins have fallen in double digits in the past 24 hours, with WGRT, the worst performer, down 8.96%.
BTC technical analysis
The huge retracement in the previous week finally ended on Sunday, with the continued decline in volume indicating that the selling power dried up. Bitcoin could rebound further during the day and test the resistance level near 48,500 USDT.
ETH technical analysis
A similar pattern can be seen on the ETH four-hour chart. The intraday resistance is located at 1,540 USDT. However, the buying volume is not showing any notable expansion at the moment.
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