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Bitcoin Ethereum DeFi Crypto Market Daily OKX Insights

ETH hits all-time high as BTC traders await big move

2021.01.19 Adam James

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

All eyes are on the price of ETH today after the leading altcoin broke its previous all-time high after roughly three years. The native coin of the blockchain world’s dominant smart contract protocol is up roughly 11.7% across global exchanges and is currently trading around 1388.40 USDT on OKX amid a slight low-time-frame pullback.

Meanwhile, the price of BTC is down half a percent while the altcoin market has pulled the total cryptocurrency market capitalization up by 1.7% to $1,067,394,792,468, as per data from CoinGecko.

The price of ETH is dominating the cryptocurrency market’s focus today. Source: Coin360

An all-time high for ETH?

However, it is important to note that the price of ETH reached a new all-time high in USD terms. When priced against BTC, however, the story is markedly different. The foremost altcoin is still down approximately 69% from its all-time high against the foremost cryptocurrency.

The price of ETH against BTC is still far away from its previous all-time high. Source: TradingView

DeFi market froths, Kyber sees violent drop in TVL

The total value locked in decentralized finance has continued to increase, rising from yesterday’s $24.77 billion to today’s $25.2 billion. Maker dominance has also markedly increased from yesterday’s 17.19% to today’s 18.45%, as per data from DeFi Pulse.

However, today’s big winners in the DeFi space are a bit frothy. Lesser-known projects have garnered most of the TVL increases. Decentralized options protocol Auctus has seen its total value locked increase by 55.61%. On-chain liquidity provider DODO, meanwhile, has seen a TVL increase of 37.67% while noncustodial trading platform dYdX — the largest of the three — has seen an increase of 24.66%.

Kyber is today’s most notable loser in the DeFi space. The on-chain liquidity protocol has seen its TVL nuke 47.48%. 

The total value locked in Kyber has violently tanked. Source: DeFi Pulse

Top altcoin gainers and losers: COVER sees noteworthy increase 

  • ABT/USDT +36.39%
  • OM/USDT +25.44%
  • COVER/USDT +23.45%
  • GRT/USDT -12.31%
  • INX/USDT -13.69%
  • EM/USDT -15.58%

The most notable winner on OKX today is probably COVER, which has seen a price increase of 23.45% and its market capitalization increase to $23.12 million. On the flip side, EM is the biggest loser after a surprise — and, likely, unwarranted — pump yesterday.

COVER has increased sharply today on OKX. Source: OKX

BTC technical analysis: Volatility drops as traders wait for big move

The price of BTC is a bit boring today, following a sell-off in volatility. The leading cryptocurrency is currently trading above the ribbon of exponential moving averages on the four-hour time frame — but is unconvincing for both bulls and bears.

The resolution of its consolidation pattern will likely spell a big move for BTC.

OKX’s BTC/USDT chart — 1/19. Source: OKX, TradingView

ETH technical analysis: Holding up better than BTC

The ETHUSDT pair has hit a new all-time high on OKX. Should it hold the 1350 USDT level, exhilarated bulls could push the prices to new heights in price discovery.

OKX’s ETH/USDT 4h chart — 1/19. 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.