BTC hunts for $20K as altcoins struggle to keep up

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

Despite some volatility early this morning that saw the price of Bitcoin ( BTC) drop below 17,000 USDT on OKEx, the market-leading cryptocurrency is currently trading above 18,000 USDT and is up 9% over the past 24 hours across leading cryptocurrency exchanges.

All major altcoins are significantly underperforming against BTC, though some are seeing gains or trading flat against USD.

The total cryptocurrency market capitalization has risen by 6.4% to $515 billion, according to CoinGecko. BTC dominance, meanwhile, has surged by 1.6% to 65.5%.

Yesterday saw the COVID-19 vaccine-driven rally in the traditional markets lose steam. The focus is now shifting to economic recovery plans. In the European Union, Hungary and Poland are playing hardball in regard to the 2021–2027 budget and recovery fund — something that may hold back markets in the political and economic union.

Top altcoin gainers and losers

  • FRONT/USDT +35.98%
  • DHT/USDT +30.82%
  • BTG/USDT +23.28%
  • OM/USDT -15.03%
  • WING/USDT -15.06%
  • JST/USDT -25.52%

Though BTC is cannibalizing the broader cryptocurrency market, there are always some major winners in the altcoin-trading space. Today’s top performer is Frontier ( FRONT), while the worst performer is JUST ( JST).

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BTC hunts for $20K as altcoins struggle to keep up was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
11/18/2020 - 11:22

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.