Ethereum’s Merge confusion affecting top-trader sentiment — OKX Market Report
Crypto market crash removes 20% from market in hours
A crash of rare proportions has rocked the cryptocurrency market today, with many altcoins temporarily seeing losses greater than 40%.
The cryptocurrency market has undergone a severe sell-off — the kind that only happens once or twice per year.
Over the past 24 hours, the price of BTC has declined by more than 15%. At the same time, ETH and various altcoins have dropped roughly 25% or more. However, as of the time of this writing, today’s lows for many altcoins were hit after dropping by more than 40%.
As it stands, the total cryptocurrency market capitalization has dropped by more than 20% in a single day.
If the cryptocurrency market was extremely fearful yesterday, it will surely be even more so tomorrow morning, when alternative.me’s multifactorial crypto market sentiment analysis updates.
DeFi TVL drops $10 billion
The total value locked in decentralized finance has held up relatively well, some might argue, amid a somewhat historic cryptocurrency sell-off. The key metric has only dropped roughly $10 billion to its current $69 billion. Still, top projects have sustained double-digit percentage losses to their TVLs, with leading protocol Maker losing more than 18%.
Decentralized exchanges are seeing double-digit TVL losses across the board, with SushiSwap taking a slightly larger hit than rival Uniswap and first-place Curve Finance.
Top altcoin gainers and losers: DMG surges 470%
- ZKS/USDT -36.96%
- BTM/USDT -37.18%
- CHAT/USDT -38.54%
There are no gains for non-stablecoin altcoins today, with the exception of DMG, which is randomly up more than 400%.
BTC technical analysis: Temporarily fell below 30,000 USDT
The price of BTC dropped significantly to prices below 30,000 USDT before wicking back up to above 37,000 USDT. With such a long lower wick on the four-hour time frame, one might be tempted to assume that the bottom is in — which very well may be the case. However, wise traders will be cautious about overextending themselves in either direction until the cryptocurrency market leader settles down.
ETH technical analysis: 1,000 USDT lower wick shocks traders
The price of ETH is currently exhibiting a roughly-1,000 USDT wick — unheard of price action for the second-ranked cryptocurrency. It stands to reason that the bottom is in for ETH, but traders will still be cautious about their positioning going forward.
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