Cryptocurrency market under pressure after new all-time high for ETH
Select altcoins take advantage of BTC’s indecisiveness, Synthetix TVL surges
2021.01.13
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The digital asset market continues to float in indecisive waters after a massive sell-off earlier this week. The total cryptocurrency market capitalization is down 1.1%, as per data from CoinGecko, but the price of BTC is up 1.5% across global exchanges. The foremost cryptocurrency is currently trading around 35,000 USDT per coin on OKEx.
Many major altcoins are experiencing modest recoveries against the cryptocurrency market leader. LINK is up 4.3%, while BSV is up 7.5%. The biggest winners among major altcoins include DOT, SNX, THETA and AAVE — all of which are up by double-digit percentages against BTC.
No more "funny business"
The biggest piece of news potentially affecting the BTC market today is European Central Bank President Christine Lagarde's claim that the leading cryptocurrency "has conducted some funny business and some interesting and totally reprehensible money laundering activity" — for which she believes that more globally coordinated regulation is needed.
DeFi market locking over $21 billion, Synthetix TVL surges
The total value locked in the decentralized finance market has pushed above $21 billion, as per data from DeFi Pulse. The dominance of Maker has decreased to 17.86% following stronger performances, in terms of TVL, from the majority of the DeFi market. Decentralized lending and borrowing platform Aave and on-chain synthetic asset creation platform Synthetix, in particular, saw their TVLs surge by 8.75% and 18.04%, respectively.
SushiSwap saw the largest one-day TVL increase among the top decentralized exchanges. The DEX saw its TVL increase by 5.52%, while Uniswap and Curve Finance saw gains of 1.97% and 2.46%, respectively.
Top altcoin gainers and losers: FRONT and XPR battle for top spot
- FRONT/USDT +46.77%
- XPR/USDT +46.34%
- HYC/USDT +32.85%
- NDN/USDT -8.78%
- MXT/USDT -9.64%
- MEME/USDT -12.33%
FRONT and XPR are battling it out for the top spot on OKEx over the past 24 hours with nearly identical increases. Meanwhile, MEME is the worst performer after dropping more than 12%.
BTC technical analysis: Price action indecisive after major drop
The BTCUSDT pair on OKEx is currently wedged between support above 33,000 USDT and resistance in the form of the ribbon of exponential moving averages on the four-hour time frame.
Indecision in the market is palpable and pervasive. Many traders are currently sitting on their hands and waiting for BTC to show its hand before entering into any long or short positions.
ETH technical analysis: Following BTC's lead
The ETHUSDT pair on OKEx is even more tightly crammed between its key level of support and the four-hour EMA ribbon. Failure to make an upward move in the near future could see the leading altcoin drop toward 880 USDT.
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