BTC futures data shows profit-taking on Coinbase IPO news, but bulls remain in control
Crypto market corrects as BTC struggles and ETH tests key support
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.
Bucking the trend are THETA and SOL, which have seen increases of 7.4% and 15.7%, respectively — despite a market-wide correction.
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.
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.
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.
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.
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