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Bitcoin Ethereum DeFi Crypto Market Daily OKX Insights

DOGE attempts second surge following Elon Musk tweets

2021.02.04 Adam James

Today’s edition of OKX Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The cryptocurrency market is experiencing solid gains today off the back of BTC, ETH and decentralized finance tokens. The total market capitalization is up 4.6% to over $1.15 trillion, while the foremost cryptocurrency is up a modest 2.8% across global exchanges. ETH is up nearly 5% over the past 24 hours, as Ethereum-based DeFi tokens AAVE and UMA are up 37.3% and 111%, respectively.

Nevertheless, the market is once again focused primarily on DOGE, which is up 64.8% following a series of Dogecoin-related tweets from enigmatic Tesla/SpaceX founder Elon Musk.

The price of DOGE has surged on OKX following tweets from Elon Musk. Source: OKX

DeFi blasts through $30 billion milestone as Aave surges

The total value locked in DeFi has surged past the $30 billion milestone and now stands at nearly $32.5 billion, as per data from DeFi Pulse. Second-place lending platform Aave has seen its TVL skyrocket by 23.16% today, making it today’s clear winner among major DeFi projects.

Among the top decentralized exchanges, SushiSwap is once again today’s winner, with a TVL increase of 9.26%. Uniswap and Curve Finance saw increases of less than 6%.

The total value locked in Aave has surged. Source: DeFi Pulse

Top altcoin gainers and losers: DOGE failing to lead market following Elon Musk pump

  • JFI/USDT +76.55%
  • FSN/USDT +68.72%
  • SWRV/USDT +59.66%
  • SPND/USDT -13.78%
  • EC/USDT -15.11%
  • GTO/USDT -24.62%

Despite DOGE being the hot topic today following a series of tweets from Musk, it only sits fifth on the list of OKX’s top performers — suggesting that buyers may have run out of steam following its latest pump from less than a week ago. Time will tell how much energy buyers have left.

The price of DOGE is once again moving upward. Source: OKX

BTC technical analysis: Steadily grinding higher

The price of BTC continues to steadily grind higher against USDT on OKX and has now recovered from an Elon Musk-induced pump and retrace.

Bullish buyers will be looking for the ribbon of exponential moving averages on the four-hour time frame to act as support as the leading cryptocurrency attempts to push back toward its recent all-time high.

OKX’s BTC/USDT 4h chart — 2/4. Source: OKX, TradingView

ETH technical analysis: ETHUSDT now in uncharted territory

The price of ETH has officially broken out against USDT and is now in uncharted territory. While it stands to reason that it will remain somewhat correlated to the market leader, BTC, the breakout into all-time highs bodes fell for the future price of ETH.

OKX’s ETH/USDT 4h chart — 2/4. 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.