Academy Trading Ideas Article

DeFi Tokens Steal the Spotlight as Bitcoin Looks Heavy: Crypto Market Daily

2020.06.19 Robbie Liu

Bitcoin (BTC) pulled back 1.54% in the last 24 hours and volatility remains low, moving between $9,250 to $9,500. The leading cryptocurrency is now trading at $9,283, per OKEx’s BTC Index Price at press time (8:00 a.m. UTC).

Most large-cap coins have moved in line with Bitcoin. Ethereum (ETH) and Bitcoin Cash (BCH) dropped by more than 2%. Yesterday’s winners, Cardano (ADA) and Algorand (ALGO), have dropped by 4.2% and 6.1%, respectively, over the last 24 hours. Ethereum Classic (ETC), meanwhile, is still in the green zone with a slight 0.17% gain. 

The total cryptocurrency market capitalization is down 1.3% and is still running around $265 billion. Bitcoin dominance, meanwhile, remains around 64.5%, per data from CoinGecko.  

crypto prices
OKEx Token Index Board (as of 10:00 a.m. UTC). Source: OKEx

Top gainers and losers

  • CVT/USDT +25.21%
  • CHAT/USDT +18.26%
  • BEC/USDT +12.04%
  • DGB/USDT -11.38%
  • IQ/USDT -16.80%
  • APM/USDT -21.91%

ChatCoin (CHAT) is on the Top Gainers list again with an 18.26% increase — its third day in a row in the winners’ circle. Beauty Chain (BEC) has been on the list for two consecutive days and is up 12.04%. Today’s winner is CyberVein (CVT), gaining a massive of 25.21%. 

The price of apM Coin (APM) continues to collapse. Yesterday’s biggest loser is down another 21.91% today. 

DeFi tokens stealing the spotlight

The total market value of DeFi tokens hit a record-high $4.45 billion today after topping $3.2 billion yesterday, according to defimarketcap. This means the total value of DeFi tokens rose by $1 billion in only a single day.

The increase in the total market value of DeFi tokens come mainly from Compound. The price of the Compound token was $67.96 yesterday at midnight. By press time, the price had doubled to $166 and the cryptocurrency’s market value had risen to $440,677,496. 

We have observed that many DeFi tokens have realized huge returns in the last seven days. Under Messari’s DeFi statistics page, five tokens have doubled since a month ago — with Melon Protocol (MLN) gaining a jaw-dropping 338% in the last thirty days. 

defi tokens
DeFi Tokens Returns. Source: Messari

Bitcoin technical analysis

Bitcoin is still running in a weak pattern with low volatility. We observed buyers defending the $9,250 area with large buy orders on the OKEx spot market yesterday. 

The Quarterly-Future contango has been down from yesterday’s $100 to around $60, which shows further bearish sentiment in the market. 

The intraday support level sits near $9,300, per OKEx Quarterly Future price. The price could test Monday’s low of $8,950 if this support is lost. 

On the upper side, the Bitcoin price will face selling pressure between $9,600 and $9,700. 

btc usd price chart
OKEx BTC Quarterly Futures (BTCUSD0925) 1H chart. Source: OKEx

New listings

Everipedia (IQ) is now listed on the OKEx spot market. Everipedia is a community-governed knowledge and information platform powered by the EOS blockchain where anyone can participate in sharing what they know and provide value to others.

Moreover, EOS options trading is officially live on the OKEx website and App, as of June 18, 2020, at 1:00 p.m. (UTC). In order to minimize the risk of a clawback, OKEx has already donated 50,000 EOS to the EOSUSD Options insurance fund.

Looking at the price of EOS, the intraday resistance is near $2.6 with support at $2.5, as per OKEx Spot price.

eos margin options
EOS Coin Margined Options chart. Source: OKEx


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


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

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