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Bitcoin Ethereum DeFi Crypto Market Daily OKX Insights

Tesla buys $1.5 billion in BTC, plans to allow BTC purchases

2021.02.08 Adam James

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

The cryptocurrency market is surging today following the news that Tesla has purchased roughly $1.5 billion in BTC and plans to accept the foremost digital asset as payment. Immediately after the story broke, the price of the leading cryptocurrency skyrocketed. As of the time of this writing, BTC is up 13.1% across global exchanges, and the total cryptocurrency market capitalization is up 10% to nearly $1.32 billion.

The price of BTC surged on OKX immediately following the Tesla-related news. Source: OKX

Though altcoins are increasing in value against USD as the price of BTC surges, they are rapidly losing value against the market leader. ETH and ADA, for example, are down 4.4% and 4.9% against BTC, respectively.

Altcoins are almost universally losing value against BTC today. Source: Coin360

Aave leads DeFi charge as Curve Finance overtakes Uniswap

The total value locked in decentralized finance has increased more than $2 billion since this time on Friday and currently stands at $36.3 billion, as per data from DeFi Pulse. Open-source noncustodial decentralized lending protocol Aave is the biggest winner among major DeFi projects — a trend, as of late — with a one-day TVL increase of 12.71%.

Curve Finance has overtaken Uniswap as the leading decentralized exchange. The former currently has a TVL of $3.85 billion, while the latter has a TVL of $3.76 billion. SushiSwap isn’t far behind either DEX, with a TVL of $3.15 billion. Meanwhile, Balancer is holding above $1 billion.

Curve Finance’s TVL has gone parabolic over the past 90 days. Source: DeFi Pulse

Top altcoin gainers and losers: THETA leads major altcoins

  • FSN/USDT +43.82%
  • DEP/USDT +38.34%
  • MDT/USDT +29.15%
  • SBTC/USDT -12.33%
  • SPND/USDT -15.33%
  • PROPS/USDT -27.47%

Though BTC is eating most major altcoins’ lunches, there are still some winners among lesser-known altcoins. THETA is the top-performing altcoin on OKX that has a market cap greater than $1 billion. It has increased by 15.03%.

THETA is the best performing altcoin on OKX among those with market caps greater than $1 billion. Source: OKX

BTC technical analysis: Previous all-time high shattered by Tesla news

The price of BTC surged today following the news from Tesla. The dramatic price increase smashed through the previous all-time high and is currently holding above 43,000 USDT on OKX.

Though a retrace is certainly possible, many will be considering today’s news to be the greatest validation for BTC in the history of Bitcoin. Bears may find it difficult to be bearish in the immediate term.

OKX’s BTC/USDT 4h chart — 2/8. Source: OKX, TradingView

ETH technical analysis: ETH loses momentum against BTC

The price of ETH is losing against BTC — as is the case with most altcoins — and may struggle to regain bullish momentum against the market leader. While further BTC gains may also lead ETH’s further increase against fiat currencies, the foremost cryptocurrency will be squarely in the spotlight today.

OKX’s ETH/USDT 4h chart — 2/8. Source: OKX, TradingView

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OKX Insights presents market analyses, in-depth features and curated news from crypto professionals.

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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.