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ETH goes parabolic against BTC ahead of EIP-1559

2021.05.04 Adam James

Sellers are in short supply for ETH, which is currently driving the cryptocurrency market. 

The cryptocurrency market has shaken off a flash crash overnight and is back to near break-even, with its total market capitalization currently sitting just under $2.4 trillion. The market continues to be driven by ETH, which is up nearly 9% over the past 24 hours — in spite of a 3.4% decline for BTC.

On the altcoin front, DOGE is once again pumping. The meme-friendly coin is up more than 25% over the past 24 hours. Additionally, LTC has also broken to the upside — surging 13.4% over the same period.

ETH continues to lead the market as most altcoins — excluding DOGE, LTC and others — are in the red. Source: Coin360

DeFi market hits new top above $75 billion

The total value locked in decentralized finance has hit a temporary top above $75 billion after surging higher alongside the price of ETH. Polygon, previously known as Matic Network, is leading the charge after its TVL surged over recent weeks.

On the decentralized-exchange front, top-ranked Uniswap is having the best day after gaining 12.28% in total value locked — significantly more than Curve Finance's and SushiSwap's respective 1.97% and 0.69% gains.

The total value locked in Polygon has surged over recent weeks. Source: DeFi Pulse

Top altcoin gainers and losers: WAVES continues winning streak

  • MXT/USDT +17.94%
  • WAVES/USDT +17.08%
  • UBTC/USDT +16.11%
  • WXT/USDT -8.06%
  • FRONT/USDT -8.32%
  • KP3R/USDT -10.87%

WAVES is once again among the top-performing altcoins on OKEx today, with DOGE, FLOW, LTC and many other large-caps outperforming the rest of the market.

The price of WAVES has spiked again on OKEx. Source: OKEx

BTC technical analysis: Not much to write home about

There was a time when the price of BTC was exciting and that of ETH was boring, but the roles have reversed. The market-leading cryptocurrency has chopped down through the ribbon of exponential moving averages on the four-hour time frame and continues to trade in horizontal confines.

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

ETH technical analysis: Parabolic against BTC

The price of ETH has gone parabolic against BTC, with no signs of stopping ahead of EIP-1559. Sellers remain in short supply as buyers maintain full control.

OKEx's ETH/BTC 4h chart — 5/4. 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.