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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

Crypto market goes green, despite fear remaining prevalent

2021.06.03 Adam James

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%.

The cryptocurrency market is once again a sea of green as buyers step in. Source: Coin360

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.

Sentiment in the cryptocurrency market remains low, despite today's increases. Source: Crypto Fear & Greed Index

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.

The total value locked in Curve Finance has increased to nearly $6.5 billion. Source: DeFi Pulse

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%

OKB is leading major altcoins — which have market caps over $1 billion — on OKEx today after increasing by roughly 23%. LUNA and DOT are also big winners.

No altcoins with a market capitalization over $1 billion are trading for a loss on the day.

OKB is the top-performing altcoin with a market cap over $1 billion on OKEx today. Source: OKEx

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.

OKEx's BTC/USDT 4h chart — 6/02. Source: OKEx, TradingView

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.

OKEx's ETH/BTC 4h chart — 6/02. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

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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.

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