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Crypto market recovery continues as DeFi nears all-time high

2021.04.27 Adam James

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%.

The cryptocurrency market is a sea of green today, with SOL being the notable exception. Source: Coin360

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.

Sentiment in the cryptocurrency market has reset to neutral. Source: alternative.me

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%.

The total value locked in DeFi has recovered to just shy of its all-time high. Source: DeFi Pulse

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%. 

MATIC is the top-performing large-cap altcoin on OKEx today. Source: OKEx

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.

OKEx's BTC/USDT 1D chart — 4/27. Source: OKEx, TradingView

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.

OKEx's ETH/BTC 1D chart — 4/27. 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.