Crypto market cap takes back $2 trillion as DeFi reclaims $50 billion
MicroStrategy buys BTC as fear re-enters crypto market and ETH longs for price discovery
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The digital assets market is attempting to end the work week on a positive note. The total cryptocurrency market capitalization has decreased by a slight 0.2% over the past 24 hours, as per data from CoinGecko — though the market leader, BTC, has increased by 2.6% and is currently trading around 32,500 USDT on OKEx.
MicroStrategy takes advantage of fearful market
The main driver behind BTC's increase today could potentially be due to the fact that MicroStrategy has once again made a major investment into the foremost cryptocurrency. The business intelligence firm announced the acquisition of 314 BTC for $10 million in cash at an average price of roughly $31,808 per coin. This purchase brings the firm's total BTC investment up to 70,784 coins.
MicroStrategy's buy comes at a time when sentiment in the cryptocurrency market shifted from greed to fear after a prolonged period of over-exuberance.
DeFi market sits unchanged as Matic Network loses more TVL
The decentralized finance market remains largely unchanged from this time yesterday. The total value locked in DeFi has increased a negligible $0.04 billion over the past 24 hours, while Maker dominance has increased by a slight 0.1%, as per data from DeFi Pulse.
Peer-to-peer coverage market Cover Protocol is today's big winner, with a TVL increase of 19.24%. Matic Network, on the flip side, is once again among the biggest TVL losers, with a decrease of 9.44%.
Top altcoin gainers and losers: NDN leads altcoin surge
- NDN/USDT +79.06%
- BAT/USDT +38.36%
- MANA/USDT +35.98%
- SNX/USDT -8.37%
- BADGER/USDT -8.98%
- LMCH/USDT -25.65%
BTC technical analysis: Bouncing into resistance checkpoint
BTCUSDT on OKEx has bounced strongly after yesterday's aggressive sell-off. However, it will immediately face resistance now in the form of the ribbon of exponential moving averages on the four-hour time frame, as well as the recently relevant level of 33,000 USDT. Surging through this checkpoint could set the stage for an optimistic weekend. Failure here, however, could refresh bearish sentiment.
ETH technical analysis: ETH longing for price discovery
The ETHUSDT pair on OKEx is a similar story. The price has bounced strongly and is now only facing resistance in the form of the four-hour EMA ribbon. Breaking through here and flipping the ribbon into support could set the stage for another push past previous all-time highs and into price discovery.
Not an OKEx trader? Learn how to start trading!
OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.