Bitcoin ETF excitement pushes price to new all-time high
Tesla buys $1.5 billion in BTC, plans to allow BTC purchases
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The cryptocurrency market is surging today following the news that Tesla has purchased roughly $1.5 billion in BTC and plans to accept the foremost digital asset as payment. Immediately after the story broke, the price of the leading cryptocurrency skyrocketed. As of the time of this writing, BTC is up 13.1% across global exchanges, and the total cryptocurrency market capitalization is up 10% to nearly $1.32 billion.
Though altcoins are increasing in value against USD as the price of BTC surges, they are rapidly losing value against the market leader. ETH and ADA, for example, are down 4.4% and 4.9% against BTC, respectively.
Aave leads DeFi charge as Curve Finance overtakes Uniswap
The total value locked in decentralized finance has increased more than $2 billion since this time on Friday and currently stands at $36.3 billion, as per data from DeFi Pulse. Open-source noncustodial decentralized lending protocol Aave is the biggest winner among major DeFi projects — a trend, as of late — with a one-day TVL increase of 12.71%.
Curve Finance has overtaken Uniswap as the leading decentralized exchange. The former currently has a TVL of $3.85 billion, while the latter has a TVL of $3.76 billion. SushiSwap isn't far behind either DEX, with a TVL of $3.15 billion. Meanwhile, Balancer is holding above $1 billion.
Top altcoin gainers and losers: THETA leads major altcoins
- FSN/USDT +43.82%
- DEP/USDT +38.34%
- MDT/USDT +29.15%
- SBTC/USDT -12.33%
- SPND/USDT -15.33%
- PROPS/USDT -27.47%
Though BTC is eating most major altcoins' lunches, there are still some winners among lesser-known altcoins. THETA is the top-performing altcoin on OKEx that has a market cap greater than $1 billion. It has increased by 15.03%.
BTC technical analysis: Previous all-time high shattered by Tesla news
The price of BTC surged today following the news from Tesla. The dramatic price increase smashed through the previous all-time high and is currently holding above 43,000 USDT on OKEx.
Though a retrace is certainly possible, many will be considering today's news to be the greatest validation for BTC in the history of Bitcoin. Bears may find it difficult to be bearish in the immediate term.
ETH technical analysis: ETH loses momentum against BTC
The price of ETH is losing against BTC — as is the case with most altcoins — and may struggle to regain bullish momentum against the market leader. While further BTC gains may also lead ETH's further increase against fiat currencies, the foremost cryptocurrency will be squarely in the spotlight today.
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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.