BTC futures premiums nearly wiped out as market optimism takes a huge hit
Uniswap Token Distribution Drives Up ETH Prices (And Fees)
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of BTC has experienced three consecutive days of gains — hitting as high as $11,098 overnight before pulling back to prices above $10,800. However, the bulls still need amplified volume to break through the $11,200 resistance area.
The United States Federal Reserve released a dovish statement after its two-day meeting and will keep interest rates close to zero. It also expects the low interest rate policy to remain in place until the end of 2023. After the Fed's announcement, the price of gold fluctuated sharply as the Dollar Index bottomed out from 93.2. The S&P 500 Index quickly moved higher and touched its intraday highs before giving back the gains in late-session trading.
In the cryptocurrency market, major altcoins have also risen — except for TRON (TRX) — with Ether (ETH) and Bitcoin Cash (BCH) up 4.94% and 1.71%, respectively. The total cryptocurrency market capitalization increased by 1.9% and recovered to $356 billion, as per data from CoinGecko. Meanwhile, BTC lost 0.3% of its dominance.
The rise in ETH is closely related to decentralized finance. Hours ago, one of the most popular decentralized exchanges, Uniswap, announced the launch of its governance token, UNI, which appears to be a quick response to SushiSwap's SUSHI. Uniswap will gradually release a total of 1 billion tokens over four years.
Uniswap community users have been claiming, withdrawing and trading UNI. This has caused the Ethereum gas to once again skyrocket above 700 gwei. OKEx was the first to list the UNI token this morning, and the price of UNI soared 270% to $3.70, as of press time.
Top altcoin gainers and losers
- KCASH/USDT +40.14%
- SUN/USDT +23.79%
- JST/USDT +20.19%
- FRONT/USDT -23.91%
- RIO/USDT -37.28%
- WING/USDT -43.99%
KCASH rose 40.14% overnight and leads all altcoins on OKEx. The second and third best-performing tokens are from TRON's ecosystem.
WING pumped to as high as $218 yesterday after listing but quickly retraced to its current $65, making it today's worst-performing altcoin.
BTC technical analysis
The four-hour MA30 and MA60 are running upward, which will look to support the BTC price. The short-term threshold of $10,600 is still valid. However, the dense trading area near $11,200 may act as resistance to the upside.
ETH technical analysis
Uniswap's aforementioned event and the following excessive gas fees have had a positive effect on the price of ETH. The MA30 is forming a bullish cross to the MA60 on the hourly chart. The ETH price quickly broke above yesterday's high of $374 and the next resistance is around $388.
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