Gold prices surged to a one-week high before quickly falling back after the Fed failed to repeat its pledge to continue with asset purchases. The price of Bitcoin (BTC) followed gold’s movement in yesterday’s extremely volatile action. The movements were very unfriendly to traders with higher leveraged positions — although Bitcoin price is only down 0.15% over the past 24 hours.
Major altcoins generally saw further declines, with Litecoin ( LTC) and Bitcoin Cash ( BCH) down 2.58% and 2.67%, respectively. Ether ( ETH), on the other hand, rose 0.58% overnight — alongside its number of non-zero addresses reaching new all-time high. Moreover, Polkadot ( DOT) suffered a sharp decline yesterday, with prices down 16% overnight.
The total crypto market capitalization dropped 0.5% to below $370 billion, as per data from CoinGecko, while BTC’s dominance added 0.1%.
As many as eight new altcoins have been listed on OKEx today, including:
Decentralized finance tokens that experienced early popularity, such as YFI and YFII, are rising rapidly today. At the same time, we find that these newly listed altcoins are currently maintaining a premium relative to other exchanges, due to heavy buying. Withdrawals will be available for all of the aforementioned altcoins by 7:00 am UTC on Aug. 31.
Top altcoin gainers and losers
Apm Coin ( APM) is holding down today’s top gainer spot. The altcoin is up 47.38% in 24 hours. SWFT Blockchain ( SWFTC) and CyberMiles ( CMT) also surged 44.45 and 29.93%, respectively.
KCASH takes last place for the second day in a row after dropping another 28.65%.
BTC technical analysis
Despite several long wicks on the hourly chart, BTC once again found support at $11,200 and put in a potential double-bottom pattern. Active selling pressure is limited and the price did not make a new low yesterday, indicating that overall market confidence is still there.
An intraday threshold is located at $11,200 with a short-term resistance at $11,550. If the price can break through this resistance, it may experience another leg up.
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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. OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals.
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