ETH starts to push higher as DeFi market stagnates
Crypto market mixed on Black Friday as whales deposit BTC to exchanges
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) is trading at 16,852 USDT on OKEx, as of the time of this writing — a negligible loss of 0.27% following yesterday's harsh 11.26% decline. Major altcoins, meanwhile, are seeing mixed results. XRP is up 5.1% while Litecoin (LTC) is down 7.6%.
The total cryptocurrency market capitalization has decreased by 3.5% and now sits around $506 billion, according to CoinGecko. BTC dominance is now 61.7%.
Dow Jones, S&P 500 and Nasdaq futures all fell yesterday following news that AstraZeneca will likely require another study for its COVID-19 vaccine.
Top altcoin gainers and losers
- CVP/USDT +44.27%
- RIO/USDT +40.32%
- SUSHI/USDT +28.94%
- ARDR/USDT -14.63%
- PMA/USDT -16.83%
- SFG/USDT -28.51%
Today's top performer on OKEx may also be the altcoin with the longest name on the platform — PowerPool Concentrated Voting Power (CVP) — which is up more than 44%. Realio Network (RIO) is also up over 40%, while Uniswap competitor SushiSwap's token, SUSHI, is up nearly 30%.
BTC technical analysis
The price of BTC is currently trading underneath the ribbon of exponential moving averages on the four-hour time frame — a generally bearish development. Adding more food to the bear feeder are reports that large sums of BTC are being deposited to exchanges, which may continue to put sell pressure on the price of the market-leading cryptocurrency.
Looking ahead to the weekend, key support levels to watch in the event of more dramatic declines are:
- 15,775 USDT
- 14,000 USDT–13,500 USDT
- 12,000 USDT–11,400 USDT
ETH technical analysis
The price of Ether (ETH) is currently trading in a well-defined range below key resistance at 540 USDT, and key support in the zone is around 495 USDT. Sell pressure is coming from above in the form of exponential moving averages, but the impending Phase 0 launch of Ethereum 2.0 is likely adding buy pressure from underneath.
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