Is the BTC bottom in? Crypto market sentiment appears to be improving
ConstitutionDAO loses bid as crypto market struggles continue
Some notable altcoins are seeing gains today, but the overall market is being weighed down by BTC sellers.
The cryptocurrency market is still somewhat struggling at the end of the workweek, being down 1.6% over the past 24 hours. Its total capitalization is now well below $3 trillion at approximately $2.67 trillion. Weighing heavily on the overall market is the price of BTC, which continues to struggle and is down nearly 3% — bringing its seven-day losses to over 11.5%.
DeFi Digest: ConstitutionDAO loses U.S. Constitution bid
A Sotheby’s auction of a rare copy of the United States Constitution did not go ConstitutionDAO’s way, despite the newly formed decentralized autonomous organization’s best efforts and a $47 million fundraise to procure the famous document — which ultimately sold for $43.2 million.
Even though the DAO did not succeed in acquiring the copy of the Constitution, it still garnered widespread attention for successfully crowdfunding such a large amount of money from the wider cryptocurrency community in such a short amount of time — roughly one week.
NFT Snapshot: Osprey Funds to launch institutional NFT fund
Crypto investment firm Osprey Funds plans on entering the nonfungible token market via a new fund, Osprey Alpha, LLC — which CEO Greg King believes could one day hold hundreds of millions of dollars. The fund will essentially provide an on-ramp for institutional investors looking to invest in NFTs.
Top altcoin gainers and losers: ENS rises as NANO falters
- MEME/USDT +92.57%
- BLOK/USDT +48.64%
- LRC/USDT +24.07%
- YGG/USDT -7.59%
- INX/USDT -8.08%
- NANO/USDT -14.59%
There are some interesting altcoins outperforming on OKEx today, per the exchange’s default time settings. ENS is of particular note. The recently airdropped token for Ethereum Name Service is up more than 19%. Meanwhile, Fantom’s FTM is up more than 16%.
On the opposite end of the spectrum, most of the day’s biggest losers are altcoins with relatively small market capitalizations. However, NANO has been hit hard and is down more than 14%.
BTC technical analysis: Bouncing but in danger
The price of BTC is currently undergoing a bounce but may run into trouble very quickly at a confluence of potential resistance in the forms of an important Fibonacci level and the four-hour ribbon of exponential moving averages. Buyers eager to retake control of the market this weekend will hope to cut through said confluence of potential resistance — but failure to do so could spark further selling.
ETH technical analysis: Ups and downs against BTC
If we zoom out and look at the daily chart for ETHBTC, we can see that it has been ultra choppy for quite some time. However, ETH is trying to push higher against the market-leading cryptocurrency today — but is still a long way from the high of just over 0.082 BTC. Support remains underneath around 0.066 BTC.
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