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Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
Though the price of Bitcoin ( BTC) has increased by less than 1% over the past 24 hours, altcoins have come under sustained sell pressure. Ether (ETH) and Bitcoin Cash (BCH) took losses over more than 1%, while Binance Coin (BNB) and Polkadot (DOT) have sustained losses of 6.2% and 7.3%, respectively.
With altcoins under pressure, the total cryptocurrency market capitalization has dropped to under $400 billion and currently sits at $396,359,977,981, according to data sourced from CoinGecko. At the same time, BTC dominance has increased to 62.1%.
The United States stock market rallied a bit yesterday after a harsh Wednesday session. However, Dow Jones futures, S&P 500 futures and Nasdaq futures have all fallen early this morning. Though BTC has remained stable, cryptocurrency traders will continue to watch the uneasiness in the traditional markets.
Top altcoin gainers and losers
- ROAD/USDT +30.30%
- YEE/USDT +23.23%
- LET/USDT +19.88%
- GNX/USDT -21.01%
- MEME/USDT -27.15%
- ZYRO/USDT -28.68%
In an interesting twist of fate, ROAD has climbed into the top spot on OKEx’s list of top performers over the past 24 hours — a surprising contrast to its frequent position as the worst performer over the past two weeks.
BTC technical analysis
Going into the weekend, the price of BTC is consolidating underneath major resistance at $14,000. Traders won’t be particularly bearish in the immediate term, though a test of the daily ribbon of exponential moving averages and/or past support just below $12,000 is possible.
There may simply be a bit of chop over the weekend, with any gains or losses from Saturday being returned on Sunday. Alternatively, the bulls could take advantage of the reduced volume on the weekend to push the market leader through $14,000 — though, this isn’t particularly likely.
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Crypto market sells off, leaving only BTC and stablecoins untouched 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.