BTC futures premiums nearly wiped out as market optimism takes a huge hit
DeFi Still Surging Amid ETC 51% Attack — Crypto Market Daily
The price of Bitcoin (BTC) surged 3.08% in the past 24 hours — climbing from a low of nearly $11,300 to as high as $11,814, as per the OKEx BTC Index price.
The total cryptocurrency market capitalization rose 2.40% to settle above $360 billion. Meanwhile, Bitcoin recovered 0.6% of its market dominance, as per data from CoinGecko. Right now, the leading cryptocurrency is trading at $11,645.
Miner Bitfly tweeted that Ethereum Classic (ETC) was hit by another 51% attack. According to OKLink, the current hash rate of the ETC network is 4.71 TH/s, which is nearly 20% lower than last week. The price of ETC has fallen slightly by 0.78% in the last 24 hours. In an effort to safeguard users’ funds, OKEx has already suspended ETC deposits and withdrawals until its mainnet upgrade is complete.
Other notable movers include Zcash (ZEC) and Algorand (ALGO), which are up 9.5% and 6.4%, respectively. At the same time, we've noticed a bullish surge in sentiment in regard to several mid-cap altcoins — as evidenced by perpetual-swap funding rates jumping to over 0.1% per every eight hours, including Monero (XMR), IOST and THETA.
Stocks in the United States again closed higher on Wednesday. The Nasdaq Composite Index rose for the sixth straight trading day and hit another all-time high, breaking the 11,000 mark for the first time. Meanwhile, the S&P 500 Index rose 21.26 points, or 0.64%.
U.S. blockchain concept stocks rose as a collective. Marathon Patent (MARA), a patent holding company known for its involvement in cryptocurrencies, jumped up 27%. Riot Blockchain (RIOT) rose 18% on Wednesday and crypto-friendly online shopping website Overstock.com (OSTK) hit a new record high yesterday, up 1,200% so far this year.
Gold prices rose for the fourth day in a row and surpassed the $2,000 milestone. Gold has soared more than 34% in 2020.
Top gainers and losers
- BNT/USDT +24.49%
- CVT/USDT +21.46%
- FTM/USDT +18.84%
- CHAT/USDT -7.88%
- TMTG/USDT -8.17%
- XSR/USDT -12.91%
The decentralized finance sector has decoupled from BTC. We have seen multiple DeFi projects surging 20% or more in the last 24 hours — including Bancor (BNT), which is up 24.49%. CyberVeinToken (CVT) and Fantom (FTM) also rose 21.46% and 18.84%, respectively, in the last 24 hours.
BTC technical analysis
BTC has taken over Monday's high of $11,500 and has run straight to the $11,800 resistance area. However, trading volume shrank over the rally while volume increased on the correction phase. The sustainability of another leg up is likely to be weak.
An intraday threshold is located around $11,550 with a strong resistance near $11,900.
ETH technical analysis
The same contraction in trading volume is also seen on ETH. The current trading range for ETH is limited between $380 to $410. There remains a lot of selling pressure on the upside.
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