Bitcoin futures data shows retail is cautious now despite long-term optimism
Cryptocurrency market coming back to reality, ETH keen on garnering more market share
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The pressure from sellers has continued to pile on to the digital asset market.
Over the past 24 hours, the total cryptocurrency market capitalization has decreased by nearly 7% to under $1 trillion, as per data from CoinGecko. At the same time, BTC and ETH have dropped by roughly 10% and 7%, respectively — bringing the former's market dominance down from yesterday's 64.3% to today's 63.2%.
DOT and OKB are the lone standouts among major altcoins today. They are both up approximately 4.5%, as of the time of this writing.
Yellen and Tether remove "extreme greed" from crypto market
As was mentioned in yesterday's Crypto Market Daily, the extremely greedy sentiment pervading the cryptocurrency market finally fell to more normal levels of greed — as per alternative.me's Crypto Fear & Greed Index.
Factors contributing to the decrease in sentiment include bearish signals across many different BTC indicators, as well as negative comments from United States Treasury Secretary nominee Janet Yellen about Bitcoin's criminal use cases, and the uncertainty surrounding Tether's legal battle with the attorney general of the state of New York.
DeFi TVL holds up as Matic Network sustains big losses
The decentralized finance market is holding up surprisingly well against a market-wide decline in cryptocurrency valuations. The total value locked in DeFi has only decreased from yesterday's $23.35 billion to today's $22.98 billion, as per data from DeFi Pulse. Maker dominance, at the same time, has decreased by roughly 0.38% to its current 18.08%.
Ethereum sidechain Matic Network appears to be the big loser on the day after dropping nearly 22% from its TVL. Likewise, SushiSwap is the biggest loser among the top decentralized exchanges after losing 5.28% from its TVL.
Top altcoin gainers and losers: OKT up more than 16%
- NDN/USDT +68.53%
- SFG/USDT +30.40%
- VITE/USDT +30.35%
- SNX/USDT -15.15%
- BADGER/USDT -17.74%
- LMCH/USDT -75.42%
Despite not making it into the list of top performers displayed above, OKT is the fourth-best performer on OKEx today after gaining 16.19%.
BTC technical analysis: Eyes turn to 20-week moving average
It is difficult to be optimistic about the price of BTC in the face of sustained sell pressure and downward movement. Many traders are already setting their sights on the 20-week exponential moving average — which is curling upward at a quick rate — as a place to look for long positions in anticipation of a continued bull market.
ETH technical analysis: Keen on taking market share from BTC
Against BTC, the leading altcoin is holding up remarkably well. ETH is currently trading above the ribbon of exponential moving averages on the four-hour time frame and looks keen on taking some more market share from BTC.
That said, a major collapse in the price of BTC could send significant shockwaves throughout the entire market — and, in turn, tank the price of ETH.
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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.