Crypto market tense as BTC tries for new all-time high
Crypto market stagnates as ETH shows optimistic signs
The cryptocurrency market is stagnating after a brief recovery, but ETH may be showing signs of life.
The cryptocurrency market is stagnating this morning after yesterday's recovery, with the total market capitalization declining by approximately 3.5% over the past 24 hours. As per data from CoinGecko, the price of BTC has declined by nearly the same percentage, while BNB and DOT have seen double-digit percentage losses in valuation.
Despite the stagnation in the markets, cryptocurrency traders remain extremely greedy, as per alternative.me's multifactorial crypto market sentiment analysis.
Historically, prolonged periods of exposure to extreme greed on the Fear & Greed Index led to harsh declines — though this hasn't been the case for months.
DeFi market struggles to maintain TVL
The total value locked in decentralized finance has shaved another $1 billion since this time yesterday. It now stands at $37.55 billion, as per data from DeFi Pulse. Aave has seen the worst decline in TVL among major DeFi projects after dropping more than 6%.
Decentralized exchanges remain largely in line with each other. SushiSwap and Balancer have performed marginally worse than Uniswap and Curve Finance when it comes to losses in total value locked.
Top altcoin gainers and losers: FTM leads large-cap altcoins
- PHA/USDT +103.12%
- GAS/USDT +28.60%
- DHT/USDT +23.63%
- EGT/USDT -16.67%
- BOT/USDT -16.79%
- MASK/USDT -29.13%
The top performers on OKEx are once again altcoins with market capitalizations under $1 billion. The best-performing major altcoin with a market cap of over $1 billion is FTM, followed by WAVES, SUSHI and SNX.
On the flip side, the worst-performing major altcoin is THETA, which dropped by more than 5%.
BTC technical analysis: BTCUSDT finding resistance, as anticipated
As noted in the official OKEx Markets channel on Telegram earlier this morning, the price of BTC has rebounded about 15% from its low on Tuesday. However, BTCUSDT is still has met resistance at the ribbon of exponential moving averages on the four-hour time frame — as we noted may happen in yesterday's Crypto Market Daily.
The closest potential support sits underneath around 46,000 USDT, with 38,000 USDT waiting below. However, turning the four-hour EMA ribbon into support may inject more confidence into buyers and push the price of BTC back toward its all-time high of roughly 58,000 USDT.
ETH technical analysis: ETHBTC shows signs of life
ETHBTC is starting to show some early signs of life after putting in a lower high on the four-hour time frame. At the same time, it is challenging the four-hour EMA ribbon. Flipping the ribbon from resistance into support may signal a renewal of bullish optimism for the leading altcoin — and, in turn, could spur on another wave of "altseason."
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