Bitcoin Attempts Rebound, but Buy Interest Remains Low

Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

Stocks in the United States closed higher on Tuesday, driven primarily by strong performances in the technology sector. The S&P 500 Index recorded its first gain in five days, rising 1.05%. However, gold futures prices closed down for the second straight day as the U.S. dollar continued to strengthen.

The price of Bitcoin (BTC) printed higher lows on the one-hour chart, indicating that a rebound has been underway since it bottomed out on Sept. 21. BTC had rallied to a high of $10,574, as per OKEx’s BTC Index price, before dropping back to prices around $10,400.

Some major altcoins clawed back gains — Bitcoin SV ( BSV) and Litecoin ( LTC) are up 3.28% and 1.03%, respectively. However, the price of Ether ( ETH) was largely range-bound and is down 1.45% overnight.

The performance of Chainlink ( LINK) continues to be sluggish, having fallen another 8%. LINK is now at its lowest level since August and is likely to challenge support at $8. LINK has fallen 60% from its mid-August high of $20.

The total cryptocurrency market capitalization stabilized around $330 billion, as per data from CoinGecko. Meanwhile, BTC dominance remains at 57.9%.

Top altcoin gainers and losers

  • APM/USDT +23.18%
  • AVAX/USDT +15.12%
  • LET/USDT +14.05%
  • YFV/USDT -13.60%
  • WING/USDT -24.69%
  • JFI/USDT -25.78%

While the decentralized finance sector, as a whole, has stabilized after a steep decline, some tokens are still struggling. Today’s top three losers are still dominated by DeFi tokens, with ( JFI) and ( WING) both down over 20%.

On the flipside, apM Coin ( APM) entered the top three gainers list for the second day in a row and rose another 23.18% overnight. Avalanche ( AVAX) — which was just listed on OKEx yesterday — performed well, surging 15.12%.

DeFi’s best performers include Realio Network ( RIO) and WaykiChain Governance Coin ( WGRT), which are up 12.62% and 9.12%, respectively.

Visit for the full report.

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Bitcoin Attempts Rebound, but Buy Interest Remains Low was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
09/23/2020 - 12:06

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