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Academy Trading Ideas Article
Ethereum Crypto Market Daily OKX Insights #NFT #defi

BTC moves sideways while ETH breaks out and memecoins start rallying

2021.11.30 Rick Delaney

ETH appears set to challenge yearly highs and dog-themed cryptos start trending again

The cryptocurrency market posted modest gains of 1.5% today, rising to a total capitalization of $2.75 trillion. Having retraced from yesterday’s high around 58,800 USDT, BTC price still lacks direction as it trades between key moving averages.  

Top performers on OKEx include dog-themed memecoins AKITA at 21.45% and SHIB at 12.05%, and Bitcoin smart contract Layer-2 STACKS at 15.15%. 

The market is mixed today, with BTC trading slightly below yesterday and ETH seeing over 3% gains. Source: COIN360

After yesterday’s more than 5% increase, BTC now trades close to its previous daily close around $57,000. Although the market leader lacks direction, select Layer-1 cryptos like ETH, AVAX  and XTZ are showing modest strength while memecoins DOGE, SHIB and AKITA are rallying. 

Jack Dorsey “moves on,” hacker shows ETH tips on Twitter

Bitcoin bull and former Twitter CEO, Jack Dorsey, announced his departure from the top job at the social media platform on Nov. 29. In a tweet detailing the move, Dorsey stated that being “founder-led” limited the company and represented a “single point of failure.” The company’s CTO, Parag Agrawal, has replaced the outgoing CEO. 

On the same day, Jane Wong, a Hong Kong-based hacker known for digging into applications and discovering unreleased features, tweeted a screenshot of Twitter’s tipping function that included an Ethereum address option. Bitcoin tipping has been available on Twitter since September, but this is the first time ETH has been associated with the feature. 

Twitter appears to have the ability to integrate ETH tipping on the platform. Source: Twitter

Wong’s tweet encouraged speculation that Dorsey’s departure may hasten the social media giant’s adoption of the number two crypto asset. The news could be in part responsible for ETH’s lack of correlation with BTC price since the story broke.  

Canadian mining firm DMG buys 1,800 Bitcoin miners 

Despite short-term indecision in BTC prices, Canadian cryptocurrency mining company DMG Blockchain Solutions remains bullish on the leading cryptocurrency. The firm announced the purchase of 1,800 of Bitmain’s next-generation S19 XPs on Tuesday. The machines will start shipping in July 2022 and take DMG’s combined hash rate to more than 1 Eh/s when installation is complete. 

The OKEx Insights team discussed Bitcoin miner on-chain activity among other related topics with guest CryptoQuant analyst Zi on this week’s edition of the Send It podcast.  

Top altcoin gainers and losers: DOGE and SHIB learn new tricks

  • AKITA/USDT +20.60%
  • SHIB/USDT +18.73%
  • STACKS/USDT +13.81%
  • EC/USDT -16.2%
  • FAIR/USDT -16.65%
  • TOWN/USDT -19.17%

Meme coins are today’s clear market winners as AKITA, SHIB and DOGE saw price increases of 20.60%, 19% and 3%, respectively. Other dog-themed projects also appear among OKEx’s top performers for the day, including Solana-based SAMO, and Ethereum’s KISHU, ELON and LEASH

AKITA is leading the dog-themed memecoins on OKEx today. Source: OKEx

BTC technical analysis: Uncertainty remains a dominant theme

Having reached as high as 58,000 USDT, BTC has since retraced and continues to trade around Monday’s close of 57,000 USDT at the time of writing. 

Sandwiched between several key moving averages, the market leader will need to close above the 25- and 50-day moving averages, currently just above 60,000 USDT for bullishness to return. 

OKEx’s BTC/USDT daily chart — 11/30. Source: OKEx, TradingView 

ETH technical analysis: ETH/BTC challenging yearly highs

Having spent a few days consolidating above the ascending triangle that ETH recently traded in against BTC, the second-largest cryptocurrency by market capitalization has since broken out. At 0.07947, ETH is now challenging the highs set in May this year. Should ETH surpass 0.08075 BTC, it would be the highest the asset has traded versus BTC since mid-2018. Therefore, further upside seems likely as ETH enters price discovery above the range it has traded in for most of the year.

OKEx’s ETH/BTC chart — 11/30. Source: OKEx, 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.

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