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ETH finally breaks out as BTC consolidates before the weekend

2020.10.23 Adam James

Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

It has been a strong week for the cryptocurrency market and, particularly, the market leader.

The price of Bitcoin (BTC) is up 0.8% over the past 24 hours and is now trading at 12,909 USDT on OKEx. The first and foremost cryptocurrency has seen gains of 12.4% since this time last week. Altcoins are also performing well, with Ether (ETH) and Chainlink (LINK) up 3.9% and 4.9%, respectively.

The total cryptocurrency market capitalization has risen another 2.2% to $400 billion, according to data from CoinGecko. With altcoins finally catching up to BTC, the market leader's dominance has decreased slightly to 59.8%.

The cryptocurrency market is generally green, with only a handful of notable exceptions. Source: Coin360

In traditional markets, both European stocks and United States futures have risen this morning. However, the S&P 500 is currently facing the closure of its worst week in October.

Top altcoin gainers and losers 

  • TCT/USDT +26.09%
  • AAVE/USDT +18.83%
  • CVP/USDT +14.52%
  • ROAD/USDT -21.65%
  • HDAO/USDT -23.44%
  • LMCH/USDT -42.92%

ROAD has managed to break its streak of being the worst performer on OKEx but is still on today's list of losers. On the flip side, AAVE is on the winner's list for the second day in a row.

BTC technical analysis

The price of BTC has been consolidating after breaking $12,000 and reaching levels above $13,000. It still has room to run up to resistance around $14,000, but a pullback to at least test the four-hour exponential moving averages wouldn't surprise many traders.

Weekends tend to be choppy, so traders will likely be exercising caution today and into next week.

Bitcoin price chart - 10/23
OKEx's BTC/USDT 4h chart — 10/23. Source: OKEx, TradingView

ETH technical analysis

As expected, the price of Ether (ETH) finally broke through resistance around $395 and may now look to challenge levels around $490 in the medium-to-long term. However, many traders will be looking for the foremost altcoin to test the previous resistance level and turn it into support before getting too excited.

Ethereum price chart - 10/23
OKEx's ETH/USDT 4h chart — 10/23. 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.


OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. 

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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.

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