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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

Crypto market turns ice-cold as BTC drags altcoin market down

2021.03.05 Adam James

The cryptocurrency market continues to drop today as BTC searches for buyers and ETH gets desperate.

After cooling off yesterday, the cryptocurrency market has turned ice cold this morning — with the total market capitalization shaving off 6.5% and falling below $1.5 trillion. The price of BTC, meanwhile, has lost an additional 3.7% — bringing the valuation of most altcoins down with it.

Lone altcoin standouts include THETA, MIOTA, LUNA and STX.

The cryptocurrency market is almost universally in the red, with stablecoins and select altcoins proving to be the exceptions. Source: Coin360

Sentiment among cryptocurrency market participants has cooled slightly but still remains in a place of extreme greed — according to multifactorial crypto market sentiment analysis from alternative.me.

Crypto market sentiment has cooled but still remains in a state of extreme greed. Source: alternative.me

DeFi TVL falls back under $40 billion as market corrects

The decentralized finance market is hemorrhaging value amid the wider cryptocurrency market correction. The total value locked in DeFi is currently firmly under $40 billion at $37.71 billion, with nearly every major project sustaining significant losses to its TVL. Aave, Synthetix and Flexa are all down in double-digit percentages.

Decentralized exchange TVLs have not been spared. Curve Finance, Uniswap and SushiSwap have all lost roughly 6%, with the latter seeing a slightly worse loss than the top two DEXs.

The total value locked in DeFi is declining with the rest of the market. Source: DeFi Pulse

Top altcoin gainers and losers: MIOTA leads major altcoins

  • SOC/USDT +12.88%
  • BOT/USDT +10.41%
  • MIOTA/USDT +8.72%
  • ANW/USDT -16.16%
  • RNT/USDT -17.74%
  • APIX/USDT -19.77%

Looking at the top-performing altcoins with market capitalizations over $1 billion, MIOTA is the clear winner after a modest gain of roughly 8%. STX comes in second among this class of altcoins after gaining more than 5%.

FLOW is up more than 13% on OKEx. Source: OKEx

BTC technical analysis: BTCUSDT testing buyers at key area

The price of BTC on OKEx has failed to find support at the ribbon of exponential moving averages on the four-hour time frame and is, as expected, falling toward 46,000 USDT.

Sellers will have to add pressure if they are to push the market-leading cryptocurrency down through this level of interest and back toward 38,000 USDT. Putting in a higher-low on the four-hour time frame could inject confidence into buyers eager to buy bull-market dips.

OKEx's BTC/USDT 4h chart — 3/05. Source: OKEx, TradingView

ETH technical analysis: ETHBTC running out of time

It's basically do-or-die time for ETHBTC today. Putting in a higher low on the four-hour time frame while adding pressure to the EMA ribbon could spark a bullish rally. Failure to do so, however, would not inspire confidence in bullish traders.

OKEx's ETH/BTC 4h chart — 3/05. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

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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.

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