Crypto market surges as BTC refuses to correct

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

The price of Bitcoin ( BTC) is up 1.3% after a volatile weekend that saw the market-leading cryptocurrency drop to as low as 17,580 USDT on OKEx before recovering to its current price of 18,591 USDT. It’s impressive run continues as BTC is up 16.3% over the past seven days.

Altcoins have surged over the past 24 hours. The price of the leading altcoin, Ether (ETH), is up 9.1% as the Phase 0 launch of Ethereum 2.0 nears. Meanwhile, Cardano’s Ada is up a whopping 18%.

BTC’s strong performance and surging altcoins have pushed the total cryptocurrency market capitalization up from Friday’s $518 billion to over $554 billion, according to CoinGecko. BTC dominance, meanwhile, has decreased significantly over the same time frame — falling from over 65% on Friday to today’s 62.1%.

As a backdrop to the cryptocurrency market’s strong performance, new cases of COVID-19 infections continue to surge in the United States and Europe as flu season commences. However, the traditional markets are remaining upbeat about incoming vaccines to fight the spread of the coronavirus.

Top altcoin gainers and losers

  • ARDR/USDT +46.95%
  • YEN/USDT +39.66%
  • WAVES/USDT +32.48%
  • BCHA/USDT -8.56%
  • SBTC/USDT -9.40%
  • XUC/USDT -15.16%

With the altcoin market surging, the top performers on OKEx are seeing more dramatic price action than the worst performers. Notably, WAVES continues to see impressive gains — the protocol’s native coin is up 82.5% over the past seven days. Bitcoin Cash ABC ( BCHA), meanwhile, is one of today’s biggest losers.

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Crypto market surges as BTC refuses to correct was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
11/23/2020 - 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.