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BTC price increase pulls crypto market up by its bootstraps

2021.06.10 Adam James

The latest news from El Salvador has bolstered the price of BTC, but most altcoins — such as ETH — are failing to keep pace. 

The total cryptocurrency market capitalization is up 4.5% today to $1.66 trillion — thanks, in large part, to a 7% increase in the price of BTC. The price of the second-ranked cryptocurrency, ETH, is only up 0.9%. Major altcoins DOT and XMR are some of the only standout altcoins outperforming BTC on the day.

The cryptocurrency market is primarily being driven by BTC buyers, today. Source: Coin360

Despite the solid increase in the price of BTC, market participants remain extremely fearful. Per multifactorial sentiment analysis from alternative.me, sentiment surrounding Bitcoin has increased modestly — but is still extremely negative.

The BTC market remains extremely fearful. Source: alternative.me

DeFi market stagnation continues

The total value locked in the decentralized finance market continues to stagnate around the $60 billion mark as the wider cryptocurrency market focuses on BTC. Leading DeFi protocol Aave has seen its TVL increase by 5.41%, however — though the rest of the market has seen comparatively lesser action.

The total value locked in decentralized exchanges is still hovering around $60 billion. Source: DeFi Pulse

Top altcoin gainers and losers: Down day for major altcoins

  • IQ/USDT +17.07%
  • LAMB/USDT +12.06%
  • LMCH/USDK +10.46%
  • KLAY/USDT -10.58%
  • MCO/USDT -10.72%
  • AKITA/USDT -12.20%

No altcoin with a market capitalization over $1 billion is trading positive on OKX today — aside from stablecoins.

IQ is the top-performing altcoin on OKX today. Source: OKX

BTC technical analysis: Looking to put in a bottom

The price of BTC will look to keep up its bullish momentum following the news that El Salvador made the foremost cryptocurrency legal tender — a global first. 

To do so, BTC must hold above the ribbon of exponential moving averages on the four-hour time frame. Failure to do so could be seen as extremely bearish — and buyers may not continue to remain in the area above 30,000 USDT.

OKX’s BTC/USDT 4h chart — 6/10. Source: OKX, TradingView

ETH technical analysis: Collapsing against BTC

The price of ETH has continued its rapid decline against BTC. Some traders may expect a bounce around the 0.067 BTC area, though the four-hour EMA ribbon may act as resistance against any potential upward movement.

OKX’s ETH/BTC 4h chart — 6/10. 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.