Everything bounces after China Bitcoin mining ban causes capitulation
DOGE and LINK surge as wider crypto market settles
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%.
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.
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.
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.
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.
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