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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

Uneventful day puts all eyes on Ethereum Classic and select altcoins

2021.05.07 Adam James

The largely abandoned ETC has gone on an absolute tear, despite questionable fundamentals. 

The cryptocurrency market has been uneventful so far today, with its total capitalization up an unexciting 0.4% and the price of its leader, BTC, down 1.4%. Meanwhile, leading altcoin ETH has been perfectly flat on the day as the much-hyped DOGE is up a modest 3.8%. Only ETC continues to surge, with the legacy Ethereum coin up another 47.1% across global cryptocurrency exchanges — bringing its seven-day increase up to 293.1%.

The cryptocurrency market is unexciting and mixed today. Source: Coin360

DeFi market holds strong, thanks to Maker and Aave

The total value locked in decentralized finance remains largely unchanged around $76.75 billion, though leading protocols Maker and Aave are up a solid 7.26% and 6.80%, respectively, in terms of TVL.

Uniswap continues to underperform its competition after the launch of its V3 protocol upgrade. The top-ranked decentralized exchange has slid a slight 0.77% while Curve Finance and SushiSwap have increased a modest 2.79% and 1.79%, respectively.

The total value locked in decentralized finance is holding above $75 billion. Source: DeFi Pulse

Top altcoin gainers and losers: QTUM and LSK lead large-caps

  • ETM/USDT +60.97%
  • QTUM/USDT +28.28%
  • LSK/USDT +23.55%
  • RIO/USDT -8.36%
  • HZC/USDT -8.82%
  • SFG/USDT -9.97%

Aside from ETM — which has an ultra-low market capitalization of under $1 million — large-cap altcoins are leading today on OKEx. QTUM, LSK and XMR have all seen solid gains, while BCH is the worst-performing large-cap altcoin, per local exchange time.

BCH is the worst-performing large-cap altcoin on OKEx today. Source: OKEx

BTC technical analysis: Continued consolidation promoting altseason

The price of BTC continues to be something of a snooze-fest as it continues to chop around in a wide horizontal range between 48,000 USDT and 60,000 USDT. While unexciting for traders of the leading cryptocurrency, this lengthy consolidation has opened the door for altcoins to run — which has excited many traders and long-time altcoin holders.

OKEx's BTC/USDT 4h chart — 5/7. Source: OKEx, TradingView

ETH technical analysis: Holding strong against BTC

Against BTC, ETH continues to hold up — though it remains unclear as to whether it will make another move higher. At the moment, the leading altcoin is using the ribbon of exponential moving averages on the four-hour time frame as support, which is generally bullish.

OKEx's ETH/BTC 4h chart — 5/7. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

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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.

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