Altcoins outperform BTC and ETH as crypto market remains extremely fearful
ETH spurs on crypto market recovery as BTC underperforms
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%.
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.
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.
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.
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.
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.
Not an OKEx trader? Learn how to start trading!
OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.