Bitcoin futures data shows retail is cautious now despite long-term optimism
Indecision hamstrings fearful market as ETH breaks down against BTC
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.
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.
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.
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%.
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.
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.
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