Bitcoin futures data shows retail is cautious now despite long-term optimism
Crypto market recovery continues as DeFi nears all-time high
Losses are once again muted in the cryptocurrency market today as BTC and the altcoin market look to continue higher.
The cryptocurrency market is continuing to grind higher with another gain of nearly 5% to its total market capitalization. Market leaders BTC and ETH are up 3.6% and 4%, respectively, while XRP has surged 20%.
Sentiment in the cryptocurrency market has reset after declining to fearful levels yesterday. Multifactorial crypto market sentiment analysis from alternative.me now shows that market participants are neutral after recovering from a harsh sell-off.
DeFi market surpasses $60 billion, challenging all-time high
The decentralized finance market has once again surpassed $60 billion in total value locked. The metric currently stands above $61.70 billion and is challenging its all-time high, thanks to strong TVL increases from Aave, SushiSwap, Maker and others.
Third-place decentralized exchange SushiSwap is winning today's DEX race after gaining nearly 8% in TVL — significantly higher than first-place Uniswap's 2.69% and second-place Curve Finance's 3.23%.
Top altcoin gainers and losers: Altcoin losses kept to a minimum
- AE/USDT +33.53%
- ARK/USDT +23.95%
- FTM/USDT +21.85%
- API3/USDT -3.72%
- MCO/USDT -4.56%
- KAN/USDT -6.27%
Losses on OKEx are once again muted in the face of a broader cryptocurrency market rise. MCO is among those altcoins seeing declines today, though it's loss is under 5%. MATIC leads large-cap altcoins with price increase of 14%.
BTC technical analysis: Looking at resistance
The price of BTC has bounced after a harsh sell-off, but it is currently facing resistance in the form of the ribbon of exponential moving averages on the daily time frame. The foremost cryptocurrency may struggle to push higher from here without another pullback, while a successful push higher would be taken as a very bullish sign.
ETH technical analysis: ETHBTC in little danger
ETH, on the other hand, is still well above the daily EMA ribbon — which it has recently used as support — against BTC. The case for Ethereum remains a bullish one ahead of EIP-1559.
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