Bitcoin futures data shows retail is cautious now despite long-term optimism
Crypto market starts week strong after BTC finds buyers
Losses are muted in the cryptocurrency market today as BTC and the altcoin market make a concerted push upward.
With the total cryptocurrency market capitalization up nearly 9% today, the cryptocurrency market is on the rise after a relatively uneventful weekend. BTC and ETH are up 7.6% and 9.7%, respectively, as most altcoins see solid gains.
One of the only major altcoins underperforming today is DOGE, which is down approximately 2%.
Interestingly, sentiment in the cryptocurrency market has absolutely tanked to levels not seen since almost exactly one year ago — likely a result of over-leveraged traders on social media platforms, such as TikTok, getting shaken out after gambling on illiquid and low-value altcoins.
DeFi market TVLs surge alongside rising token prices
The decentralized finance market is benefitting from the wider cryptocurrency market surge. The total value locked in DeFi is now approaching $60 billion — thanks, in part, to double-digit percentage TVL increases for Maker, Aave, Liquidity, Balancer and others.
Uniswap has seen the greatest TVL increase among leading decentralized exchanges after gaining more than 8%. By comparison, Curve Finance and SushiSwap have both increased by approximately 5.60%.
Top altcoin gainers and losers: Altcoin losses minimal as SRM surges
- SRM/USDT +41.22%
- MITH/USDT +40.66%
- MATIC/USDT +32.32%
- TRIO/USDT -2.25%
- NDN/USDT -4.04%
- PMA/USDT -5.81%
Losses are muted on OKEx today, with nearly every altcoin seeing increases in valuation. Leading the charge is SRM and MITH, both of which have increased by more than 40%. The large-cap altcoin MATIC is also performing well after rising by 32.32%.
BTC technical analysis: Finding buyers where expected
The price of BTC has found buyers at the expected buy-zone, which has been outlined on our charts for many weeks. The leading cryptocurrency is now attempting to break through resistance at the ribbon of exponential moving averages on the four-hour time frame. Bullish buyers will be looking for BTC to push higher and flip the EMA ribbon into support.
ETH technical analysis: ETHBTC remains bullish
The price of ETH against BTC remains bullish above the four-hour EMA ribbon and an area of interest. Should the EMA ribbon continue to provide support, the foremost altcoin may look to continue to push higher as we inch closer to the eventual implementation of EIP-1559.
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