BTC correction reins in crypto market cap amid increased COVID-19 fears
DeFi Tokens Sell Off as BTC Fails to Push Higher
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) remained in a small range over the weekend. While it hit a recent high of $11,177 on Saturday, the price quickly retraced to current levels, near $10,800, as trading volumes waned.
Market sell-offs largely hit the decentralized finance sector. All DeFi tokens on the OKEx DeFi spot page are down over the past 24 hours. Only Unitrade (TRADE) is up more than 1%, as traders look ahead to its upcoming mainnet launch.
Once again, major altcoins underperformed against BTC — with most down between 1% and 4%. Ether (ETH) hit resistance around $388 before pulling back below $370. The gas fee, which is closely related to its price, has fallen to below 100 Gwei today. For comparison, on the day of the Uniswap (UNI) airdrop, the gas fee had hit over 600 Gwei.
Top altcoin gainers and losers
- OXT/USDT +69.19%
- TMTG/USDT +13.90%
- DGB/USDT +9.31%
- CVP/USDT -23.40%
- FRONT/USDT -28.85%
- SWRV/USDT -38.38%
The only highlight of the day was Orchid (OXT), which surged 69.19%.
The top three losers are once again DeFi tokens. Swerve (SWRV) lost a huge 38.38% overnight — its current price is only 30% of what it was a week ago. Frontier (FRONT) and PowerPool Concentrated Voting Power (CVP) were down 28.85% and 23.40%, respectively.
Also, the uptrend of DFI.money (YFII) took a hit. Its current price of around $3,300 has fallen 40% from a one-week high of $5,700.
The price of UNI has also fallen from $8.40 on the second day of its trading to less than $5.00.
BTC technical analysis
The short-term key support of $10,600 has not been broken, meaning the bullish structure in place since the beginning of the month is still intact. The resistance area from $10,900 to $11,200 is strong, and volume was shrinking when moving upside this weekend.
Intraday, we need to watch the support level around $10,750 and the rising trend line formed on Sept. 5.
ETH technical analysis
ETH was weaker than BTC over the weekend. $376 is the upper resistance level, while support remains at $355. If the support at $355 is lost, the price of ETH is likely to take another dive to the previous low of $322.
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