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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

Crypto market corrects as ETH’s struggles against BTC continue

2021.02.22 Adam James

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.

The cryptocurrency market is primarily in the red today. Source: Coin360

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.

The Crypto Fear & Greed Index remains extremely high. Source: alternative.me

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%.

Bancor's TVL has increased steadily over the past 30 days. Source: DeFi Pulse

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%.

NEO has dropped by roughly 13% over the past 24 hours. Source: OKEx

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.

OKEx's BTC/USDT 4h chart — 2/22. Source: OKEx, TradingView

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.

OKEx's ETH/BTC 4h chart — 2/22. 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.