ETH starts to push higher as DeFi market stagnates
Crypto market surges as BTC refuses to correct
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) is up 1.3% after a volatile weekend that saw the market-leading cryptocurrency drop to as low as 17,580 USDT on OKEx before recovering to its current price of 18,591 USDT. It's impressive run continues as BTC is up 16.3% over the past seven days.
Altcoins have surged over the past 24 hours. The price of the leading altcoin, Ether (ETH), is up 9.1% as the Phase 0 launch of Ethereum 2.0 nears. Meanwhile, Cardano's Ada is up a whopping 18%.
BTC's strong performance and surging altcoins have pushed the total cryptocurrency market capitalization up from Friday's $518 billion to over $554 billion, according to CoinGecko. BTC dominance, meanwhile, has decreased significantly over the same time frame — falling from over 65% on Friday to today's 62.1%.
As a backdrop to the cryptocurrency market's strong performance, new cases of COVID-19 infections continue to surge in the United States and Europe as flu season commences. However, the traditional markets are remaining upbeat about incoming vaccines to fight the spread of the coronavirus.
Top altcoin gainers and losers
- ARDR/USDT +46.95%
- YEN/USDT +39.66%
- WAVES/USDT +32.48%
- BCHA/USDT -8.56%
- SBTC/USDT -9.40%
- XUC/USDT -15.16%
With the altcoin market surging, the top performers on OKEx are seeing more dramatic price action than the worst performers. Notably, WAVES continues to see impressive gains — the protocol's native coin is up 82.5% over the past seven days. Bitcoin Cash ABC (BCHA), meanwhile, is one of today's biggest losers.
BTC technical analysis
Sometimes, it is good to take a step back and look at the big picture.
The price of BTC has had an impressive year after recovering from the COVID-induced crash to under $4,000 in March. Now, historic zones of support and resistance are very quickly being left in the dust.
The first and foremost cryptocurrency seems absolutely intent on challenging the previous all-time high of approximately $20,000 in the nearest term. Breaking this level with conviction would likely see BTC challenge $30,000. However, if sell pressure proves to be too much at the previous all-time high, BTC could return to roughly $14,000 in a bid to find support — though, by all accounts, this kind of correction may get front-ran by eager buyers.
One should also take note of the dramatically overbought Relative Strength Index — though BTC likes to march to the beat of its own drum, particularly when trending and doing "Bitcoin things."
ETH technical analysis
The price of Ether (ETH) has broken out above $490 with conviction and now looks ready to make an attempt at a parabolic run — the top of which could be over $800.
However, a bearish divergence may be developing in the four-hour time frame. Traders may be looking for the price of ETH to pull back, find support at the previous resistance, and then proceed upward in a dramatic fashion as Ethereum 2.0 nears. However, a delay in the Phase 0 launch of the protocol upgrade could impact the price of Ether.
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