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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

ETH spurs on crypto market recovery as BTC underperforms

2021.04.21 Adam James

The eyes of cryptocurrency traders are turning toward ETH ahead of EIP-1559. 

The cryptocurrency market is attempting to gather steam in an effort to recoup what was lost over the weekend and earlier this week, with its total capitalization up 1.6% today. Interestingly, the price of BTC is not leading the charge and is down 1.6%. Alternatively, the price of ETH is up nearly 7%.

BTC is not leading the charge as the cryptocurrency market attempts a recovery. Source: Coin360

Meanwhile, sentiment in the cryptocurrency remains unchanged since yesterday, according to multifactorial crypto market sentiment analysis from alternative.me. Market participants remain similarly greedy and apparently unshaken by the recent decline.

Sentiment in the cryptocurrency market remains stable, but greedy. Source: alternative.me

ETH price increases bolsters DeFi market

The total value locked in the decentralized finance market is benefitting from ETH's price increase, with the former increasing to over $57 billion. Maker, SushiSwap and Liquidity have seen the most notable TVL increases among major protocols, with each seeing increases between 6% and 8.5%.

Third-ranked decentralized exchange SushiSwap has outperformed both Uniswap and Curve Finance today, with the first-ranked and second-ranked DEXes seeing 3.35% and 1.17% TVL increases, respectively.

The total value locked in DeFi has bounced following an increase in the price of ETH. Source: DeFi Pulse

Top altcoin gainers and losers: DGB leads large-caps

  • DNA/USDT +30.22%
  • XPR/USDT +19.15%
  • WGRT/USDT +18.94%
  • NANO/USDT -9.81%
  • HDAO/USDT -16.56%
  • ANW/USDT -17.28%

Small-cap altcoins are dominating the top-performers list on OKEx today, though large-caps DGB, WAVES, CHZ and MKR have all seen strong gains. On the flip side, large-cap altcoin NANO is one of the worst-performing altcoins on the exchange today.

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

BTC technical analysis: Buyers applying pressure to EMAs

The price of BTC is consolidating after a sharp decline. The cryptocurrency market leader is currently flagging while putting in a series of higher lowers and lower highs on the lower time frames. 

Meanwhile, buyers are putting pressure on the ribbon of exponential moving averages on the four-hour time frame. With many altcoins having already moved past their four-hour EMA ribbons, a similar move from BTC would inspire a lot of confidence in the immediate term.

OKEx's BTC/USDT 4h chart — 4/21. Source: OKEx, TradingView

ETH technical analysis: Outperforming BTC in a big way

The price of ETH has firmly broken out against BTC and is surging — signaling the market may have an increased appetite for the leading altcoin ahead of EIP-1559, which largely incentivizes holding ETH.

OKEx's ETH/BTC 4h chart — 4/21. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features and 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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