Crypto market mixed on Black Friday as whales deposit BTC to exchanges

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

The price of Bitcoin ( BTC) is trading at 16,852 USDT on OKEx, as of the time of this writing — a negligible loss of 0.27% following yesterday’s harsh 11.26% decline. Major altcoins, meanwhile, are seeing mixed results. XRP is up 5.1% while Litecoin (LTC) is down 7.6%.

The total cryptocurrency market capitalization has decreased by 3.5% and now sits around $506 billion, according to CoinGecko. BTC dominance is now 61.7%.

Dow Jones, S&P 500 and Nasdaq futures all fell yesterday following news that AstraZeneca will likely require another study for its COVID-19 vaccine.

Top altcoin gainers and losers

  • CVP/USDT +44.27%
  • RIO/USDT +40.32%
  • SUSHI/USDT +28.94%
  • ARDR/USDT -14.63%
  • PMA/USDT -16.83%
  • SFG/USDT -28.51%

Today’s top performer on OKEx may also be the altcoin with the longest name on the platform — PowerPool Concentrated Voting Power ( CVP) — which is up more than 44%. Realio Network ( RIO) is also up over 40%, while Uniswap competitor SushiSwap’s token, SUSHI, is up nearly 30%.

BTC technical analysis

The price of BTC is currently trading underneath the ribbon of exponential moving averages on the four-hour time frame — a generally bearish development. Adding more food to the bear feeder are reports that large sums of BTC are being deposited to exchanges, which may continue to put sell pressure on the price of the market-leading cryptocurrency.

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Crypto market mixed on Black Friday as whales deposit BTC to exchanges was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
11/27/2020 - 11:59

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.