BTC under pressure from sellers, SushiSwap stages comeback
Crypto market surges as ‘extreme greed’ becomes the new norm
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) has experienced a bit of volatility over the past 24 hours but has experienced little change in its overall price. The market-leading cryptocurrency is down less than 1% across global exchanges and is trading at 18,850 USDT on OKEx.
Meanwhile, altcoins have continued to surge during the same time period. Most notably, XRP is up nearly 53% — as of the time of this writing — after surging to over $0.90 on Coinbase, before dropping 30% in only a matter of seconds. Bitcoin Cash (BCH), meanwhile, is up over 22% while the rest of the altcoin market sees impressive gains.
The surge in altcoin valuations has pushed the total cryptocurrency market capitalization up to over $578 billion, according to CoinGecko. Unsurprisingly, BTC dominance continues to fall sharply — the metric sat at 65.1% on Friday but is now only 59.4%.
The Crypto Fear & Greed Index, meanwhile, remains in "Extreme Greed" territory — where it has been hanging out for a prolonged period of time.
Stocks, meanwhile, continued to rise yesterday after another COVID-19 inoculation was concluded to be effective — the third such vaccine this month. Meanwhile, the number of cases continues to rise in the United States, Europe and elsewhere.
Top altcoin gainers and losers
- XLM/USDT +60.17%
- DHT/USDT +59.47%
- XRP/USDT +52.22%
- LET/USDT -9.36%
- MCO/USDT -10.88%
- FRONT/USDT -21.00%
BTC technical analysis
The price of BTC is continuing its relentless march up the ribbon of exponential moving averages on the four-hour time frame. Until it falls beneath the ribbon and turns it into resistance, there is virtually no reason to be bearish on the market-leading cryptocurrency — despite the "Extreme Greed" present in the market and indicators suggesting it is overbought.
ETH technical analysis
The price of Ether (ETH) is even more bullish than BTC, as it is relentlessly marching up the EMA ribbon on the hourly time frame in a bid to go parabolic ahead of the Phase 0 launch of Ethereum 2.0.
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