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Crypto market digests Coinbase listing as ETH and DeFi surge higher

2021.04.15 Adam James

While BTC stalls, some altcoins — especially DeFi tokens — are taking back some market share. 

The cryptocurrency market is taking a breather as traders digest the fallout from Coinbase’s public listing yesterday. The total crypto market capitalization is nearly even on the day, though BTC has declined by more than 2%. ETH, on the other hand, is up over 2.5%.

Notable performers in the altcoin market include LINK and VET, both of which are up by more than 13.5%.

The cryptocurrency market is seeing mixed results the day after Coinbase’s public listing. Source: Coin360

DeFi TVL pushes higher as DEX race widens

The total value locked in the decentralized finance continues to increase off the back of strong daily performances from ETH. The big-picture metric now stands over $58 billion — thanks, in part, to solid TVL increases for Aave and Balancer.

The race between the leading decentralized exchanges has opened up and become somewhat less competitive, with roughly $1 billion in TVL separating the top three DEXs — Uniswap, Curve Finance and SushiSwap — from each other.

The total value locked in DeFi continues to rise. Source: DeFi Pulse

Top altcoin gainers and losers: MKR leads DeFi charge

  • WNXM/USDT +28.25%
  • MKR/USDT +25.89%
  • BAND/USDT +23.65%
  • SNT/USDT -5.43%
  • STX/USDT -6.47%
  • RVN/USDT -6.73%

Though technically not holding down the top spot on OKX today, former DeFi leader MKR has seen a dramatic increase of over 25%. Fellow DeFi tokens BADGER, COMP and AAVE have also performed particularly well.

The price of MKR has risen steadily on OKX today. Source: OKX

BTC technical analysis: Holding up and finding support

The price of BTC is still trading above its previous ascending triangle formation. At the same time, it is finding support along the top of the ribbon of exponential moving averages on the four-hour time frame. Unless proven otherwise, there appears to be little reason to be bearish on the leading cryptocurrency.

OKX’s BTC/USDT 4h chart — 4/15. Source: OKX, TradingView

ETH technical analysis: ETHBTC hits first target

The price of ETH has reached a crucial point of potential resistance against BTC. At the moment, the leading altcoin appears interested in pushing higher — though patient traders might be waiting for the four-hour EMA ribbon to catch up before buying.

OKX’s ETH/BTC 4h chart — 4/15. 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.