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Crypto market recovers as BTC finds support and pushes higher

2021.03.03 Adam James

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.

The total cryptocurrency market capitalization is over $1.6 trillion. Source: CoinGecko

Altcoin valuations are also pushing higher in fiat terms, but many are currently underperforming against BTC. Those outperforming the foremost cryptocurrency include DOT, XEM, LTC, NEO and others.

Altcoins are generally underperforming against BTC. Source: Coin360

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.

Crypto market sentiment remains extremely greedy. Source: alternative.me

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 total value locked in DeFi is recovering sharply. Source: DeFi Pulse

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.

The total value locked in 1inch Liquidity Protocol is recovering. Source: DeFi Pulse

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.

LUNA is the top-performing altcoins on OKEx with a market cap over $1 billion. Source: OKEx

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.

OKEx's BTC/USDT 4h chart — 3/03. Source: OKEx, TradingView

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.

OKEx's ETH/BTC 4h chart — 3/03. 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.