ETH spurs on crypto market recovery as BTC underperforms
Crypto market recovers as BTC finds support and pushes higher
The DeFi and cryptocurrency markets continue to rally off the back of BTC after the market leader found key support.
The digital currency market is pushing higher again today off the back of a 4.5% increase for its leader, BTC, over the past 24 hours. The total cryptocurrency market capitalization now stands over $1.6 trillion, as per data from CoinGecko.
Sentiment in the cryptocurrency market remains unchanged since yesterday, according to multifactorial crypto market sentiment analysis from alternative.me.
"Extreme Greed" remains the norm among cryptocurrency market participants, suggesting that the bull market may still be in full swing.
DeFi recovers $40 billion, 1inch overtakes Balancer
The decentralized finance market has recovered the $40 billion milestone for total value locked, thanks to strong TVL increases across the board. Aave, Synthetix and Bancor have all seen increases of more than 5% over the past 24 hours.
The gaps between the three largest decentralized exchanges continue to tighten, with third-place SushiSwap seeing the largest TVL increase today at 4.59%. Curve Finance and Uniswap, meanwhile, both added approximately 3%. Meanwhile, 1inch Liquidity Protocol has surpassed Balancer for fourth place among DEXs.
Top altcoin gainers and losers: BADGER claws back 16%
- MASK/USDT +38.29%
- MXT/USDT +37.59%
- XPR/USDT +25.19%
- ROAD/USDT -6.14%
- KLAY/USDT -6.72%
- SFG/USDT -11.14%
Altcoins with market capitalizations under $1 billion are holding down the top spots for best and worst performers on OKEx. Among larger altcoins, LUNA is the biggest winner with a 17.26% increase.
BTC technical analysis: BTCUSDT uses support to push higher
As noted in the official OKEx Markets channel on Telegram earlier this morning, the price of BTC was expected to continue rising today — and it has.
The market-leading cryptocurrency is currently pushing toward 52,000 USDT after using the ribbon of exponential moving averages on the four-hour time frame as support — as we noted in yesterday's Crypto Market Daily by way of the white arrow pictured below.
ETH technical analysis: ETHBTC trying to turn bullish
The price of ETH continues to underperform against BTC and is continuing to find resistance along the four-hour EMA ribbon. Until the leading altcoin flips the ribbon into support, sellers may remain in control.
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