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Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) remained in a small range over the weekend. While it hit a recent high of $11,177 on Saturday, the price quickly retraced to current levels, near $10,800, as trading volumes waned.
Market sell-offs largely hit the decentralized finance sector. All DeFi tokens on the OKEx DeFi spot page are down over the past 24 hours. Only Unitrade ( TRADE) is up more than 1%, as traders look ahead to its upcoming mainnet launch.
Once again, major altcoins underperformed against BTC — with most down between 1% and 4%. Ether ( ETH) hit resistance around $388 before pulling back below $370. The gas fee, which is closely related to its price, has fallen to below 100 Gwei today. For comparison, on the day of the Uniswap ( UNI) airdrop, the gas fee had hit over 600 Gwei.
Top altcoin gainers and losers
- OXT/USDT +69.19%
- TMTG/USDT +13.90%
- DGB/USDT +9.31%
- CVP/USDT -23.40%
- FRONT/USDT -28.85%
- SWRV/USDT -38.38%
The only highlight of the day was Orchid ( OXT), which surged 69.19%.
The top three losers are once again DeFi tokens. Swerve ( SWRV) lost a huge 38.38% overnight — its current price is only 30% of what it was a week ago. Frontier ( FRONT) and PowerPool Concentrated Voting Power ( CVP) were down 28.85% and 23.40%, respectively.
Please visit https://www.okex.com/ for the full report.
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DeFi Tokens Sell Off as BTC Fails to Push Higher was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.