August saw return of the alts but BTC may not escape September’s shadow
Crypto market goes green, despite fear remaining prevalent
There are hardly any cryptocurrencies seeing declines today after buyers take control of the market.
The cryptocurrency market is currently up 6.1% on the day, with its total capitalization increasing to above $1.77 trillion. The market-wide increase has been driven by leaders BTC and ETH, which have increased by 5.1% and 8.6%, respectively. At the same time, meme coin DOGE has increased by more than 30%.
Despite the cryptocurrency market's bullish performance today, sentiment in the cryptocurrency market remains low. According to multifactorial sentiment analysis from alternative.me, traders and participants remain extremely fearful — something some traders take as a buy signal.
Curve Finance closes gap with Uniswap
The total value locked in decentralized finance has increased alongside the general market uptick. The key metric currently stands just under $67 billion after strong one-day TVL increases for Aave, Maker and Curve Finance.
Uniswap continues to underperform against its competition in the decentralized-exchange space, with Curve Finance rapidly closing the gap.
Top altcoin gainers and losers: OKB leads major altcoins
- TORN/USDT +25.76%
- PERP/USDT +24.55%
- AE/USDK +24.04%
- PMA/USDT -3.62%
- GNX/USDT -3.99%
- ABT/USDT -5.91%
No altcoins with a market capitalization over $1 billion are trading for a loss on the day.
BTC technical analysis: Showing early signs of renewed strength
The price of BTC is breaking above the four-hour ribbon of exponential moving averages against USDT — a potentially bullish sign in the short term. However, some traders are expecting the foremost cryptocurrency to run into resistance at 40,000 USDT. Cutting through that level, however, would open the door to an increase toward 48,000 USDT.
ETH technical analysis: Continuing to look bullish against BTC
The price of ETH looks particularly bullish against BTC today. The leading altcoin is trading above the four-hour EMA ribbon against BTC, with the 0.082 BTC potentially in play.
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