Further BTC price increase could be mitigated by bearish divergence

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

The price of Bitcoin ( BTC) has increased by 3.7% over the past 24 hours and is currently holding a gain of 14.3% over the past seven days. As has been the theme recently, altcoins are failing to keep pace with the cryptocurrency market leader — with most of the majors either trading flat or down.

BTC’s leadership has driven the total cryptocurrency market capitalization up an additional 2% to $409,054,608,529, as per data from CoinGecko. Meanwhile, BTC dominance has increased nearly an entire percentage point and now stands at 61.7%.

United States and European futures declined to mixed Asian stocks this morning. The traditional markets continue to remain highly concerned about the COVID-19 pandemic and its continued economic impact.

Top altcoin gainers and losers

  • CRV/USDT +39.35%
  • PMA/USDT +26.93%
  • BOT/USDT +22.93%
  • ORBS/USDT -15.08%
  • IQ/USDT -17.52%
  • ROAD/USDT -33.33%

ROAD is once again the worst performer on OKEx — something that has become all but a daily occurrence. Everipedia ( IQ), meanwhile, is one of today’s losers after being yesterday’s top performer — a spot that is being held today by the token for decentralized stablecoin exchange Curve ( CRV).

Visit https://www.okex.com/ for the full report.

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

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Further BTC price increase could be mitigated by bearish divergence was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
10/28/2020 - 11:44

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.