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Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin ( BTC) has dropped 2.7% over the past 24 hours and is now trading around 13,175 USDT on OKEx. The pullback has also dragged the total cryptocurrency market capitalization down 2.8% to $400,445,407,544, as per data from CoinGecko. BTC dominance has also dropped slightly and now stands at 61.3%, down from yesterday’s 61.7%.
The altcoin market has also bled alongside BTC’s decline, but losses haven’t been terribly dramatic. Crypto.com Coin (CRO) is the most noteworthy loser among major altcoins after dropping 7.3%,
The rising number of COVID-19 cases in the United States and Europe continues to rattle the traditional markets, with the Dow Jones Industrial Average dropping 943 points, or 3.4%, on Wednesday. At the same time, the S&P 500 lost 3.5%, and the Nasdaq 100 lost 3.7%. European markets saw similar declines, as well.
Top altcoin gainers and losers
- PST/USDT +24.81%
- KCASH/USDT +24.31%
- UBTC/USDT +11.74%
- HDAO/USDT -19.07%
- SWRV/USDT -20.00%
- MXT/USDT -27.87%
ROAD is taking a break from OKEx’s list of worst performers. In its place today is MixTrust (MXT), which dropped nearly 28% over the past 24 hours. On the flip side, Primas Token ( PST) has garnered the top spot with a gain of nearly 25% over the same time period.
BTC technical analysis
Yesterday, we noted a bearish divergence on the four-hour Relative Strength Index for the price of BTC. As expected, the price of the leading cryptocurrency almost immediately declined in a sharp fashion — helping reset a bit of overbought price action.
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BTC correction reins in crypto market cap amid increased COVID-19 fears 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.