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Bitcoin Ethereum Crypto Market Daily

BTC and altcoin market shake off volatile weekend

2020.11.09 Adam James

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

The price of Bitcoin (BTC) is up another 1.8% over the past 24 hours after a volatile weekend that saw the cryptocurrency market leader drop to as low at 14,350 USDT on OKX before rebounding to as high as 15,639 USDT. As of press time, it is trading around $15,205.37.

The altcoin market saw a similarly volatile price action over the weekend, with some major coins and tokens rebounding to slight gains. The price of Ether (ETH) is up 1.9% and Chainlink (LINK) is up 2.2%.

The total cryptocurrency market capitalization is up 2.1% over the past 24 hours and now sits at $446,611,498,700 after comfortably regaining the $400 billion level last week. BTC dominance decreased by 1% over the weekend, falling from Friday’s 64.4% to this morning’s 63.4%, according to CoinGecko.

The cryptocurrency market is primarily green after a volatile weekend. Source: Coin360

Sunday night witnessed a noticeable jump in Dow Jones, S&P 500 and Nasdaq futures. Traditional markets are rallying strongly and have seemingly shaken off concerns about an increasing number of COVID-19 cases in the United States, Europe and elsewhere following Joe Biden’s projected victory in the United States presidential election — a win that is already being challenged by current President Donald Trump and his legal team.

Strength in the traditional markets may also equate to more strength in the cryptocurrency market, especially if traders find their appetite for risk increases.

Top altcoin gainers and losers 

  • CVC/USDT +41.98%
  • UTK/USDT +26.86%
  • VIB/USDT +22.05%
  • BOX/USDT -11.56%
  • HDAO/USDT -12.17%
  • QUN/USDT -12.59%


The best performers on OKX have seen drastically higher gains than the worst performers, with Civic (CVC) once again topping the charts following a massive gain of over 40%.

BTC technical analysis

The price of BTC took a surprising dive over the weekend when order books tend to be at their thinnest. However, it quickly reversed back above $15,000 and is finding support on the ribbon of exponential moving averages on the four-hour time frame. Should the bulls take this as a positive sign and renew efforts to push higher, another leg toward $20,000 is not outside the realm of possibility this week.

A decline back down to support at $14,000 seems unlikely, though it is certainly possible.

Bitcoin price chart - 11/9
OKX’s BTC/USDT 4h chart — 11/9. Source: OKX, TradingView

ETH technical analysis

The price of Ether (ETH) is also finding support on the four-hour EMA ribbon and appears to be consolidating for a potential push higher ahead of Ethereum 2.0’s planned Phase 0 launch in December.

Ethereum price chart - 11/9
OKX’s ETH/USDT 4h chart — 11/9. Source: OKX, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.


OKX Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. 

Follow OKX Insights on Twitter and Telegram.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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