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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 only declined slightly over the past 24 hours, the wider cryptocurrency market has continued to bleed worse than yesterday. The market leader is down less than 1%, but the prices of Ether (ETH), Chainlink (LINK), Polkadot (DOT), Litecoin (LTC) and Cardano’s Ada are down anywhere between 3.5% and 9.7%. Bitcoin forks have also not fared well, with Bitcoin Cash (BCH) and Bitcoin SV (BSV) both down 8.1%.
With the altcoin market bleeding severely, the total cryptocurrency market capitalization has dropped by 2.7% and is back under $400 billion, according to data from CoinGecko. BTC dominance, meanwhile, has increased to 63%.
With the United States presidential election underway, Dow Jones futures are on the rise. Likewise, S&P 500 futures and Nasdaq futures also increased late yesterday. Everyone in the traditional markets will have their eyes fixed on the election — as well as its potential to be contested for weeks. A contested election and civil unrest in the U.S. would potentially lead to significant volatility — which may also affect the cryptocurrency market.
Top altcoin gainers and losers
- HDAO/USDT +35.11%
- PMA/USDT +13.21%
- TMTG/USDT +10.46%
- MITH/USDT -21.67%
- BOX/USDT -24.49%
- DMD/USDT -29.33%
With the cryptocurrency market correcting, gains have largely been muted — though a few altcoins managed to experience double-digit gains. Mithril ( MITH), meanwhile, has made its way onto the worst performers’ list after taking home yesterday’s award for the biggest gainer.
BTC technical analysis
BTC is currently in something of a no-trade zone.
The market-leading cryptocurrency is still consolidating underneath major resistance at $14,000 while testing the ribbon of exponential moving averages as support on the four-hour time frame. Losing the EMA ribbon would be a bearish development, though dips have aggressively been bought throughout much of post-March 2020.
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BTC consolidates as ETH and altcoin market bleeds 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.