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Bitcoin Ethereum Crypto Market Daily

BTC stubborn in its refusal to pull back as altcoins bleed

2020.11.16 Adam James

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

The price of Bitcoin (BTC) saw a price drop over the weekend but has rebounded in recent hours and is up 1.3%. The cryptocurrency market leader is currently trading at 16,089 USDT on OKEx.

Altcoins have not rebounded alongside BTC. The price of Ether (ETH) is down 1.4%, while Chainlink (LINK) and Cardano's Ada are both down roughly 2.5%. UNI, the governance token of the Uniswap decentralized exchange, is down 8.5%.

The total cryptocurrency market capitalization is up approximately $3 billion since Friday. The metric now sits at $470 billion. Meanwhile, BTC dominance is down 0.2% over the same time period, according to CoinGecko.

Once again, the broader cryptocurrency market is in the red while BTC is in the green. Source: Coin360

The stock market has rallied exceptionally well following positive news regarding COVID-19 vaccines. The rally is putting pressure on stocks that benefited strongly from the pandemic and associated lockdown measures — such as Zoom Video Communications (ZM) — despite the rising number of new infections in the United States, Europe and elsewhere.

Top altcoin gainers and losers 

  • SWRV/USDT +40.00%
  • SFG/USDT +38,18%
  • VALUE/USDT +24.50%
  • PNK/USDT -13.62%
  • TMTG/USDT -14.06%
  • BOX/USDT -30.17%

The top performers on OKEx are seeing more dramatic changes than the worst performers. Swerve (SWRV) is up 40% while DefiBox (BOX) is down roughly 30%. Meanwhile, mainstay The Midas Touch Gold (TMTG) has returned to the list of winners and losers after a seemingly long hiatus.

BTC technical analysis

The weekly price chart for BTC shows just how bullish the first and foremost cryptocurrency is, and has been, since the Black Thursday price crash in March. The market leader is now opening its seventh straight green weekly candle on OKEx and is trading well above $14,000 — which is where traders who are waiting for a pullback may be keen on stepping in. 

However, despite repeated calls for a pullback to take place, BTC buyers have been relentless in their effort to absorb all major sales and push the price higher. The weekly Relative Strength Index is in overbought territory, but we know from the historical price action that the cryptocurrency market leader can easily hang out in overbought territory for months on end.

Bitcoin price chart - 11/16
OKEx's BTC/USDT 1W chart — 11/16. Source: OKEx, TradingView

ETH technical analysis

The price of Ether (ETH) seems to be finding support at the daily ribbon of exponential moving averages. Resistance remains at $490 while support sits at the oft-tested $395.

Ethereum price chart - 11/16
OKEx's ETH/USDT 1D chart — 11/16. 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.


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.

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