BTC continues to churn against major resistance zone around all-time high

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

The cryptocurrency market continues to display mixed results on Wednesday. The price of BTC is up 1.1% across global exchanges and is trading at 19,413 USDT on OKEx. At the same time, ETH is trading flat and XRP is down 8.0%.

The total cryptocurrency market capitalization has increased by nearly 1% to $573,458,012,148, as per data from CoinGecko. BTC dominance, meanwhile, is just under 63%.

Traditional markets

Similar to the price of BTC, the stock market in the United States continues to battle against previous all-time highs amid an ongoing coronavirus pandemic. The S&P 500, gold futures and U.S. crude oil futures all increased by roughly 1.3% yesterday.

All eyes remain fixed on a potential economic stimulus bill — which Congress must pass by Friday, lest there be a government shutdown. Vaccine-related news for COVID-19 is still bolstering confidence in the traditional markets after the U.S. Food and Drug Administration positively reviewed Moderna’s jab.

DeFi daily

The total value locked in decentralized finance grew slightly yesterday on its quest to claim $15 billion. The metric currently stands at $14.92 billion, up from Tuesday’s $14.8 billion, according to DeFi Pulse. The leading DeFi project, Maker, saw a negligible decline in TVL while WBTC and Compound both saw their TVL’s increase by more than 1%.

SushiSwap continues to chip away at the market-leading decentralized exchange, Uniswap. The former saw its TVL increase by 1.73%, while Uniswap only increased by 0.44% — cutting the gap to $0.29 billion. Curve Finance is also approaching the $1 billion in TVL mark.

Top altcoin gainers and losers

  • ZYRO/USDT +56.72%
  • UMA/USDT +35.97%
  • BNT/USDT +35.44%
  • WING/USDT -9.53%
  • NU/USDT -11.96%
  • HEGIC/USDT -15.06%

The top performers on OKEx continue to make larger moves than the worst performers. Zilliqa-based decentralized trading protocol Zyro’s governance token, ZYRO, is up a whopping 56.72% after completing its mainnet swap.

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BTC continues to churn against major resistance zone around all-time high was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
12/16/2020 - 10:14

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.