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Crypto market starts workweek on mildly bullish note, despite extreme fear

2021.06.07 Adam James

ETH continues to outperform BTC ahead of the expected implementation of EIP-1559 this summer. 

The cryptocurrency market is starting the workweek on a bullish note, with its total capitalization up 2.7% to approximately $1.74 trillion. The price of its leader, BTC, has increased by 2% over the past 24 hours, alongside a 4.6% increase for ETH. Altcoins are also performing generally well, though there are no notable standouts among the majors.

The cryptocurrency market is generally green to start the workweek. Source: Coin360

The cryptocurrency market is significantly more fearful than it was on Friday, though the exact reasons for the negative sentiment aren't entirely clear. It appears that concerns regarding regulations out of China and other parts of the world are drawing skepticism, despite the fundamental picture having not changed for most major blockchain-based projects.

The cryptocurrency market is still exhibiting extreme fear. Source: Crypto Fear & Greed Index

Regarding fundamentals, the top story today remains this weekend's announcement from El Salvador's president, Nayib Bukele, that the country may soon consider BTC to be legal tender — a global first. Though not everyone in the wider cryptocurrency industry agrees on the exact impact of this news, one must consider it a net positive and milestone for Bitcoin.

Curve Finance outperforms, BSC "overrun" by exploits

The total value locked in decentralized finance is still holding above $65 billion, though there have been no notable TVL increases among major protocols. Curve Finance continues to outperform among decentralized exchanges after adding 3.71% to its TVL, while Uniswap has lost a negligible amount and SushiSwap has gained less than 1%.

The total value locked in Curve Finance continues to increase steadily after bottoming near $5 billion. Source: DeFi Pulse

Outside of the Ethereum-based DeFi ecosystem, Binance Smart Chain has been "overrun" by exploits, according to a recent report from Cointelegraph. As a result, centralized exchange Binance has apparently tapped blockchain analytics firm CipherTrace to assist in stemming the tide of bad actors.

Top altcoin gainers and losers: THETA leads large caps

  • HYC/USDT +25.96%
  • ARK/USDT +14.35%
  • MINA/USDK +11.91%
  • IQ/USDT -8.78%
  • YOYO/USDT -9.18%
  • ROAD/USDT -9.36%

Most of the top-performing altcoins on OKEx today are ones with market capitalizations below $1 billion. THETA is the top-performing major altcoin, with OKT (with a $905 million market cap) not far behind.

OKT has increased by more than 6% today. Source: OKEx

BTC technical analysis: Flattening out in horizontal range

The price of BTC is still trapped within a horizontal range between roughly 33,000 USDT and 40,000 USDT. Currently, it is trading along the ribbon of exponential moving averages on the four-hour time frame, which has flattened out — decreasing its importance. Until BTC chooses a decisive direction, traders may continue to sit on their hands.

OKEx's BTC/USDT 4h chart — 6/07. Source: OKEx, TradingView

ETH technical analysis: Continuing to outperform BTC

The price of ETH continues to outperform the price of BTC while respecting an upward-sloping trend line. The four-hour EMA ribbon also sits underneath, bolstering the uptrend's potential to continue. With EIP-1559 still slated for a summer implementation, many traders are expecting the long ETHBTC trade to continue.

OKEx's ETH/BTC 4h chart — 6/07. 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.