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Crypto market rallying amid Solana outage and OpenSea accusations

2021.09.15 Adam James

The wider cryptocurrency market has shrugged off Solana's temporary outage and accusations against an employee of OpenSea.

The cryptocurrency market is recovering on Wednesday off the back of a 3.8% increase in the price of BTC and a 3.6% increase in the price of ETH. The market leaders' solid gains have helped drive the global cryptocurrency market capitalization up 3.1%.

Leading major altcoins is LINK, which is up 15.6% over the past 24 hours. Other strong performers include UNI, FIL, THETA and AAVE.

The cryptocurrency market is experiencing modest-to-moderate gains, with few exceptions. Source: Coin360

Topping headlines yesterday and into today was the temporary cessation of the Solana blockchain's block production. The Ethereum competitor ultimately was forced "to coordinate a restart of the network" — drawing claims from many in the cryptocurrency community that Solana is too centralized.

The price of SOL wasn't terribly affected by the network outage. The native coin of Solana is down by less than 3% over the past 24 hours.

The price of SOL wasn't particularly affected by the outage. Source: OKEx, TradingView

NFT Snapshot: OpenSea head of product accused of insider trading

Causing a lot of buzz in the nonfungible token space today are accusations that leading NFT marketplace OpenSea's head of product, Nate Chastain, has engaged in problematic trading practices related to his position at the platform. Specifically, one Twitter user asked OpenSea why Chastain apparently "has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his [CryptoPunk] punk on it?"

OpenSea has announced, via its official blog, that it is investigating the incident — which it calls "incredibly disappointing."

As of the time of this writing, Chastain has not publicly addressed the claims. OKEx Insights reached out to Chastain for comment and will update if one is received.

Top altcoin gainers and losers: HBAR and FTM shine, COMP drops

  • HBAR/USDT +18.98%
  • FTM/USDT +18.23%
  • BABYDOGE/USDT +15.48%
  • WNCG/USDT -7.73%
  • COVER/USDT -16.58%
  • VELO/USDT -32.05%

A pair of altcoins with large market capitalizations are topping the charts on OKEx today. HBAR and FTM are both up more than 18%, per the exchange's default time settings.

On the opposite end of the spectrum, COMP is the worst-performing large-cap altcoin after dropping nearly 6%.

FTM is one of the top-performing altcoins on OKEx today. Source: OKEx

BTC technical analysis: Bias flips bullish

The price of BTC has recovered to reenter the wide area of resistance, inside which it traded for an extended period of time over recent weeks. Bulls are likely taking this as a positive sign — especially with the four-hour ribbon of exponential moving averages potentially providing support from underneath.

Essentially, the bias has shifted bullish — and buyers may potentially start piling in sooner rather than later.

OKEx's BTC/USDT 4h chart — 9/15. Source: OKEx, TradingView

ETH technical analysis: Inside a descending triangle

The price of ETH is in something of a descending triangle against BTC — a formation that tends to skew bearish. Falling through the bottom of the triangle could open the door to 0.067 BTC.

OKEx's ETH/BTC 4h chart — 9/15. 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.