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Crypto market corrects as BTC struggles and ETH tests key support

2021.04.07 Adam James

Despite a market-wide correction, some altcoins — such as THETA and SOL — continue to outperform. 

The cryptocurrency market has undergone a somewhat harsh correction today. The price of BTC and ETH have declined by 2.7% and 5.2%, respectively — bringing the total cryptocurrency market capitalization down back below $2 trillion.

The total cryptocurrency market capitalization has fallen back below $2 trillion. Source: CoinGecko

Bucking the trend are THETA and SOL, which have seen increases of 7.4% and 15.7%, respectively — despite a market-wide correction.

The cryptocurrency market is a sea of red today, with only a small selection of exceptions. Source: Coin360

DeFi market holds strong amid correction

The total value locked in the decentralized finance market has remained relatively steady above $51 billion — despite a wider cryptocurrency correction. Leading-protocol Compound has lost just over 3% of its TVL, while Maker and Aave have lost 3.59% and 4.91%, respectively.

When it comes to the leading decentralized exchanges, Uniswap remains firmly in the lead. Second-place Curve Finance has declined the least among major DEXs, having only lost 0.40% of its TVL today.

The total value locked in DeFi remains above $51 billion. Source: DeFi Pulse

Top altcoin gainers and losers: Bitcoin forks dominate

  • BCD/USDT +80.71%
  • VITE/USDT +23.14%
  • BTG/USDT +22.49%
  • IQ/USDT -22.58%
  • APM/USDT -23.83%
  • MCO/USDT -24.30%

Oddball Bitcoin forks BCD and BTG still remain among the top performers on OKEx, while Crypto.com's MCO is the biggest loser in a tightly contested race.

BCD is the top performer on OKEx today after rising by more than 80%. Source: OKEx

BTC technical analysis: Threatening to turn decidedly bearish

The price of BTC has threatened to turn predominantly bearish after falling beneath the ribbon of exponential moving averages on the four-hour time frame — which is currently curling downward. Buyers appear to be sitting on their hands while waiting for further bearish confirmation to rear its head.

OKEx's BTC/USDT 4h chart — 4/07. Source: OKEx, TradingView

ETH technical analysis: ETHBTC tests crucial support

The price of ETH has fared particularly poorly against BTC today, though it is currently testing support in the form of historical resistance and the four-hour EMA ribbon. Finding support here may rejuvenate buyers. Failure to do so would likely take the life out of ETHBTC.

OKEx's ETH/BTC 4h chart — 4/7. 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.