Crypto market flips from fear to greed after BTC bounces
Crypto market corrects as ETH’s struggles against BTC continue
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The cryptocurrency market rose before ending the weekend in a decline, which has accelerated into Monday. The total market capitalization is currently down 1.4% over the past 24 hours, but is still over $1.7 trillion, as per data from CoinGecko. The price of BTC has dropped by 2.2% over the same time period across global exchanges, with most altcoins experiencing harsher declines.
Cryptocurrency market participants are still extremely greedy, according to multifactorial crypto market sentiment analysis from alternative.me known as the Fear & Greed Index. Historically, such high levels would be indicative of a need for a correction — though this hasn't proven to be the case over recent months.
DeFi market sees widespread losses as Bancor increases
The total value locked in decentralized finance is still sitting above $41.5 billion, as per data from DeFi Pulse, despite recent struggles for Ethereum. That said, the top 11 DeFi projects are all currently experiencing declines in TVL — with only a small selection of gainers across the entire market.
Looking at decentralized exchanges, SushiSwap has lost the most TVL, followed by Uniswap and Curve Finance. Fifth-ranked Bancor is the notable exception among DEXs after increasing its TVL by nearly 6%.
Top altcoin gainers and losers: NEO takes worst hit among majors
- CRO/USDT +74.14%
- PMA/USDT +13.04%
- KLAY/USDT +10.79%
- GNX/USDT -18.80%
- LET/USDT -27.09%
- UBTC/USDT -42.19%
CRO is the main standout among altcoins on OKEx today. The rest have seen relatively muted increases. Losses are more widespread, though the worst hit are coins or tokens with low market capitalizations. NEO is the worst-performing major altcoin after dropping 12.84%.
BTC technical analysis: BTCUSDT hunts for support
The BTCUSDT chart on OKEx provided here might look a bit busy, but it indicates that the price of the foremost cryptocurrency is searching for support inside the ribbon of exponential moving averages on the four-hour time frame. It is also trying to hold up above the ascending wedge it broke out of on its last move.
Eager bulls may be buying the dip around these levels. More patient traders, however, might be looking to see if BTC does indeed find support. Failure to do so could create a short-term bearish scenario.
ETH technical analysis: ETHBTC repeatedly finds sellers
ETH has been hemorrhaging value against BTC and has been very firmly in a bearish decline over recent weeks. It has found resistance along the four-hour EMA ribbon on every recent occasion. It is difficult to make a bullish case for ETH against the market-leading cryptocurrency until it turns the four-EMA ribbon into support.
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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.