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Indecision hamstrings fearful market as ETH breaks down against BTC

2021.06.25 Adam James

The leading altcoin continues to sustain losses against the foremost cryptocurrency ahead of EIP-1559. 

The total cryptocurrency market capitalization is up a respectable 3.2% today off the back of a 2.5% increase in the price of BTC, as per data from CoinGecko. Select altcoins, such as DOGE and SOL, have also bolstered the market with sizable gains. However, many altcoins, including ETH, are either trading flat or down on the day.

The cryptocurrency market is a mixed bag today, with select altcoins — such as SOL and DOGE — outperforming. Source: Coin360

Turning NYC into "the center of Bitcoins"

On the news front, Eric Adams — who is now the leading candidate to be the next mayor of New York City — has made clear his intentions to turn the metropolis into a technology and cryptocurrency hub, stating in an election-night speech:

"I’m going to promise you: In one year, you are going to see a different city. We're going to bring businesses here. We're going to become the center of life science, the center of cybersecurity, the center of self-driving cars, drones, the center of Bitcoins."

New York, which features the notorious BitLicense regulatory requirement, has not been known as a crypto-friendly state — quite the opposite, in fact. Adams statements, however, come after elected officials in other states, such as Wyoming, Texas and Florida, have expressed interest in fostering the blockchain and cryptocurrency industry.

Crypto market fear recedes

Sentiment in the cryptocurrency market has improved slightly since yesterday. According to multifactorial crypto market sentiment analysis from alternative.me, the Fear & Greed Index is fearful but no longer extremely so.

The cryptocurrency market is no longer extremely fearful, as of today. Source: alternative.me

DeFi ecosystem adds $1 billion as Serum bolsters market

The total value locked in the global decentralized finance market has increased by more than $1 billion since yesterday, according to data from Defi Llama. Aave's dominance remains largely unchanged, at 9.89%, while today's major TVL gainers include Solana-based Serum and Ethereum-based Rari Capital.

The total ETH locked in Serum has increased over the past week. Source: Defi Llama

Top altcoin gainers and losers: XMR underperforms

  • WGRT/USDT +36.66%
  • DMD/USDT +26.13%
  • IQ/USDK +20.66%
  • BADGER/USDT -9.94%
  • PMA/USDT -10.18%
  • ANW/USDT -23.46%

Most of the top-performers on OKEx today are small-cap altcoins. WAVES, which is up 3.35%, is the biggest gainer among altcoins with market capitalizations over $1 billion. On the opposite end of the spectrum, XMR is the worst-performing major altcoin after dropping nearly 8%.

XMR is the worst-performing major altcoin on OKEx today. Source: OKEx

BTC technical analysis: Indecision as traders wait and see

The price of BTC is currently trading inside the ribbon of exponential moving averages, creating a lot of indecision about its next move. Another test of buyers' interest underneath 33,000 USDT could spell disaster. However, a concerted push higher could see the foremost cryptocurrency challenge 40,000 USDT again.

OKEx's BTC/USDT 4h chart — 6/25. Source: OKEx, TradingView

ETH technical analysis: Grinding down against BTC

The price of ETH continues to grind down against BTC and has fallen through a key level of 0.057 BTC — though, the ETH/BTC pair doesn't necessarily respect levels in the same way that USDT pairs do. Nevertheless, things aren't looking great for ETH against the leading cryptocurrency ahead of its mainnet implementation of EIP-1559 in the coming weeks.

OKEx's ETH/BTC 4h chart — 6/25. 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.