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Crypto market cap takes back $2 trillion as DeFi reclaims $50 billion

2021.04.09 Adam James

The cryptocurrency market is recovering after a somewhat harsh sell-off this week, with key metrics being recovered. 

The cryptocurrency market is recovering today off the back of a solid 4% increase in the price of BTC. Strong performances from altcoins have helped pull the total cryptocurrency market capitalization back above $2 trillion.

The cryptocurrency market has recovered back above the $2 trillion mark. Source: CoinGecko

Every major altcoin is up today — with many seeing gains in parallel with BTC. ETH is up 4.5%, while DOT, UNI and LTC are all up more than 4%. 

The cryptocurrency market is a sea of green today, with stablecoins being among the select tokens that have not seen fiat increases. Source: Coin360

DeFi market recovers key $50 billion TVL level

The decentralized finance market has also recovered alongside the wider cryptocurrency market, with its total value locked now standing back above $51 billion. Market-leading protocol Compound has added 4% to its TVL, while Aave and Synthetix have lost 1.89% and 4.59%, respectively.

In the decentralized exchange space, top-ranked Uniswap has lost 3.69%. At the same time, second-ranked Curve Finance and third-ranked SushiSwap have seen increases of 2.07% and 3.74%, respectively, in their bids to narrow the gap.

The total value locked in DeFi has recovered back above the $50 billion level. Source: DeFi Pulse

Top altcoin gainers and losers: WAVES outperforms altcoin market

  • WAVES/USDT +32.33%
  • MDT/USDT +30.42%
  • SOC/USDT +20.51%
  • GTO/USDT -12.40%
  • MITH/USDT -13.08%
  • PAY/USDT -13.52%

Though altcoins with smaller market capitalizations tend to outperform on OKX, the large-cap WAVES is holding down the top spot on the exchange today after gaining more than 32%.

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

BTC technical analysis: Choppy, but leaning bullish

The price of BTC continues to chop around below its recent all-time high. However, it has once again recovered the ribbon of exponential moving averages on the four-hour time frame — signifying that the price action is skewed more towards the bullish side. This is a noteworthy change from this morning’s indecisive price action.

Still, there may remain a lot of selling pressure overhead, while bid support may also sit below. BTC could well be in for more sideways chop in the coming days.

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

ETH technical analysis: ETHBTC bullish, but boring

The price of ETH against BTC remains above the four-hour EMA ribbon, as well as above a key area of historical interest. Generally speaking, ETH remains more on the bullish side of things against the cryptocurrency market leader — but it’s been relatively slow going for the foremost altcoin.

OKX’s ETH/BTC 4h chart — 4/9. Source: OKX, TradingView

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OKX Insights presents market analyses, in-depth features and 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.