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LUNA and ATOM surge as crypto market loses more steam

2021.09.11 Adam James

The cryptocurrency market is struggling to recover after an eventful week.

The global cryptocurrency market is relatively uneventful today after a rather eventful week. Its total market capitalization is down a slight 0.6% over the past 24 hours, and the price of BTC is up a negligible 0.1%.

However, Terra's LUNA, Cosmos's ATOM and Tezos's XTZ are all outperforming with strong double-digit percentage gains.

The cryptocurrency market is somewhat stagnant today, though select altcoins are booming. Source: Coin360

Injecting a bit of positivity into the cryptocurrency market today is the news that Bitcoin's hash rate continues to recover from a dramatic decline spurred on by an exodus of miners from China. Standing around 127.97 EH/s, the hash rate of the foremost cryptocurrency network has recovered roughly 50% from the lows that followed China's banning of the industry.

Bitcoin's hash rate continues to recover. Source: CoinWarz

DeFi Digest: Algorand and Harmony launch DeFi funds

Earlier today, Algorand launched a $330 million fund to bolster the development of decentralized finance on the protocol. The fund itself is composed of ALGO tokens that will be allocated to potential projects.

Shortly afterward, blockchain project Harmony announced a similar DeFi fund — worth $300 million.

Top altcoin gainers and losers: DYDX and ALGO take losses

  • KP3R/USDT +29.66%
  • EDEN/USDT +27.51%
  • LUNA/USDT +18.42%
  • PROPS/USDT -14.87%
  • ALGO/USDT -15.23%
  • DYDX/USDT -18.24%

Leading large-cap altcoins today is LUNA, which is up 18.54%. On the opposite end of the spectrum, the recently allocated DYDX token is today's biggest loser — per OKEx's default time settings — and Algorand's ALGO is close behind.

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

BTC technical analysis: 41,000 USDT waiting below

The price of BTC has found rejection where expected — at the confluence of the four-hour ribbon of exponential moving averages and the lower boundary of a prominent wide resistance zone. Failure to find buyers in the immediate future could see 41,000 USDT tested. 

OKEx's BTC/USDT 4h chart — 9/10. Source: OKEx, TradingView

ETH technical analysis: Dropping after fakeout

ETH's short-lived breakout above the four-hour EMA ribbon turned out to be little more than a fakeout. The foremost altcoin has since reversed straight back below the moving averages and seems keen on pushing lower.

OKEx's ETH/BTC 4h chart — 9/10. 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.