August saw return of the alts but BTC may not escape September’s shadow
Elon Musk tweets spark Friday crypto market sell-off
It only took another tweet from the Tesla CEO to send the cryptocurrency markets tumbling.
The cryptocurrency market has sold off on Friday following a pair of tweets from Elon Musk that seemingly celebrates the Tesla CEO's ability to manipulate the price of BTC — which immediately dropped more than 6%. The price of ETH dropped by more than 8%, while Musk-favorite DOGE dropped by more than 15%.
According to multifactorial analysis from alternative.me, the market is no longer extremely fearful. Participants in the cryptocurrency market are less fearful than they were yesterday and earlier in the week — though that may change following the Musk-induced decline in prices.
Curve Finance retakes position as top decentralized exchange
The total value locked in decentralized finance has dropped to under $65 billion alongside the wider cryptocurrency market decline. Aave, Maker and Polygon have seen TVL declines of more than 8.5%, 7% and 6.5%, respectively.
Stablecoin-focused decentralized exchange Curve Finance has retaken the top spot among DEXs after gaining nearly 1% on the day. At the same time, Uniswap and SushiSwap have lost 3.6% and 5.8%, respectively.
Top altcoin gainers and losers: Heavy losses across the board
- NU/USDT +25.55%
- XUC/USDT +13.18%
- ETM/USDK +11.60%
- LUNA/USDT -15.74%
- GRT/USDT -16.47%
- DNA/USDT -18.11%
Not many cryptocurrencies are seeing gains on OKEx, with FIL being the only non-stablecoin altcoin with a market capitalization greater than $1 billion to have increased in valuation. At the same time, major altcoin LUNA has been hit the hardest among major altcoins after dropping nearly 16%.
BTC technical analysis: Still in an ascending triangle
The price of BTC is finding some support along an upward-sloping trendline, which has created something of an ascending triangle pattern. Should buyers be able to hold the price at support, the foremost cryptocurrency could make another attempt at 40,000 USDT over the weekend.
ETH technical analysis: At risk of losing ground to BTC
The price of ETH is in danger of losing its bullish momentum against BTC. The four-hour ribbon of exponential moving averages is currently providing support, but the ETHBTC uptrend is at risk of being broken.
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