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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

DOGE and LINK surge as wider crypto market settles

2021.05.05 Adam James

While ETH consolidates and BTC remains stagnant, meme-friendly altcoins are stealing the spotlight. 

The cryptocurrency market continues to chop but is up 1.6% overall off the back of a 37% increase for the meme-friendly DOGE and a 23.2% increase for the ever-popular LINK. Gains among majors altcoins are otherwise muted as the foremost cryptocurrency, BTC, is down nearly 1%.

The cryptocurrency market is mixed, with many major altcoins down as DOGE and LINK surge. Source: Coin360

Red-hot DeFi market pulls back slightly

The total value locked in decentralized finance has pulled back slightly to just under $74 billion. The vast majority of DeFi protocols have seen their TVLs decline alongside a modest ETH pullback.

The TVLs of leading decentralized exchanges have seen only slight changes, though third-ranked SushiSwap has lost 5.31% ahead of Uniswap's V3 protocol upgrade.

The total value locked in DeFi has pulled back slightly amid a strong uptrend. Source: DeFi Pulse

Top altcoin gainers and losers: FTM and DOGE surge

  • UTK/USDT +34.39%
  • FTM/USDT +25.03%
  • DOGE/USDT +21.31%
  • NDN/USDT -9.50%
  • EM/USDT -11.32%
  • INX/USDT -16.42%

Though not in the top spot, FTM is once again the leading large-cap altcoin on OKEx following the resumption of temporarily paused withdrawals on Binance. DOGE also continues to surge ahead of Tesla CEO Elon Musk's hosting of Saturday Night Live this weekend, when many expect the enigmatic SpaceX founder to discuss the meme-friendly altcoin.

FTM is the top-performing large-cap altcoin on OKEx today. Source: OKEx

BTC technical analysis: Unpleasant trading conditions

The price of BTC remains unpleasantly choppy for many traders as it consolidates in a broad range. In the immediate term, the leading cryptocurrency is trading under the ribbon of exponential moving averages on the four-hour time frame — a potential sign of short-term bearishness.

OKEx's BTC/USDT 4h chart — 5/5. Source: OKEx, TradingView

ETH technical analysis: Consolidating after bullish surge

The price of ETH has pulled back after hitting a local top yesterday, having since undergone something of a consolidation. Buyers may be looking to step back in at the four-hour EMA ribbon — if not front-run it.

OKEx's ETH/BTC 4h chart — 5/5. Source: OKEx, TradingView

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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.