BTC futures premiums nearly wiped out as market optimism takes a huge hit
DeFi Bubble Grows as Bitcoin Bores — Crypto Market Daily
The Bitcoin (BTC) price stagnated in the $9,100 to $9,230 range over the weekend, which has been par for the course in recent weeks. The total cryptocurrency market capitalization increased by $4 billion to reach $278 billion, while Bitcoin lost another 0.4% of its dominance, according to data from CoinGecko.
Analysts have been consistently predicting big inbound swings for the price of BTC, but the market volatility is still on holiday. Traders who are betting on volatility have already hit several stop-losses due to the extreme tightness of the Bollinger bands.
The market-leading cryptocurrency realized only a mere 0.27% return over the last 24 hours. Meanwhile, EOS surged 3.63% and ether (ETH) added 1.7%.
Algorand (ALGO) rose 9% today — due in large part to Coinbase’s listing. The altcoin has surged 80% since the beginning of the month. ALGO is currently hampered by the $0.40 resistance level. Breaching this level would likely test the previous mid-March high of $0.50.
Decentralized finance tokens are on the rise again. Five DeFi tokens are up more than 10% in the last 24 hours, with Kava surging 32.45%.
Moreover, yearn.finance launched a governance token, YFI, with no pre-mine and has achieved 1,000% APY. With screenshots like the one from YFI Yield Farming presented below, it is easy to understand why some critics are calling this a full-blown DeFi bubble.
Top gainers and losers
- FTM/USDT +17.94%
- ARK/USDT +17.28%
- ACT/USDT +15.75%
- TMTG/USDT -7.33%
- DOT/USDT -11.78%
- MOF/USDT -18.12%
The volatile Molecular Future (MOF) came as the biggest loser, again — down 18.12%.
Polkadot (DOT) is available today for Spot Margin Trading and Savings at 7:00 am UTC.
DOT has been very volatile after being listed on OKEx last week. It soared to a high of $320 after going live for eight hours. It then fell to its current level of $170.
BTC technical analysis
While prices still haven't changed much, BTC open interest on OKEx has risen to $810 million over the weekend. However, there is not much market sentiment to be seen in the long/short ratio and BTC Basis.
Technically, support at $9,100 remains intact — indicating that short-selling power is not strong. From the one-hour chart, the intra-day rebound is likely to continue while targeting $9,300.
ETH technical analysis
Though the market cap of DeFi is rising rapidly, the price of ETH has been growing at a slower pace.
ETH broke through the weekend’s resistance of $236 early this morning. The next resistance level is around $242.
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