The cryptocurrency market ascended along with the equity markets. The total crypto market capitalization recovered 4.8% and now sits at $344 billion. Meanwhile, BTC dominance lost 1%, as per data from CoinGecko.
The price of BTC surged 2.87% and made a temporary break above the short-term threshold of $10,370, as per OKEx’s BTC Index price.
All major altcoins were in the green except for TRON ( TRX), which lost 2.54% of its value. The price of TRX has recently been moving in the opposite direction of the overall cryptocurrency market. Its bearish overnight move also impacted its ecosystem tokens, such as Jackpool.finance ( JFI), which was down 20%. JFI became the only altcoin that has fallen more than double digits in the past 24 hours.
Ether ( ETH) and Chainlink ( LINK) rebounded roughly 10%. LINK experienced six straight days of declines since the end of August. It dropped from $17 to $9 and has since recovered 45% to trade near $13 levels.
OKEx’s native exchange token, OKB, benefitted from the launch of OKB staking and the upgrade of Jumpstart. It surged 6% overnight.
OKEx Jumpstart staking will commence at 9:00 am UTC, today. OKB holders can stake OKB to mine new tokens in return.
In the decentralized-finance sector, SushiSwap ( SUSHI) finished its migration last night. It now ranks second among DeFi projects in terms of total value locked, as per DeBank’s data. The price of SUSHI jumped 22% to $2.80. On the other hand, Uniswap lost 70% of its TVL.
Top altcoin gainers and losers
YFI/USDT +37.85%
YFII/USDT +31.35%
LRC/USDT +29.48%
PNK/USDT -2.21%
MOF/USDT -4.63%
JFI/USDT -20.12%
Today’s top altcoins list is dominated by three DeFi tokens. Yearn.finance ( YFI) surged back to $30,000 levels with a 37.85% increase. Its price had fallen to nearly $20,000 during the DeFi sell-off six days ago. DFI.money ( YFII) also saw a similar move, with its price back above $4,000 after rising 31%. YFII hit an all-time high of $9,425 on Sept. 1 but had fallen as low as $2,800 in the five days that followed.
BTC technical analysis
Despite BTC’s overnight rally, we need to see whether the market-leading cryptocurrency will complete a fakeout at the intraday threshold of $10,370. The key resistance level for the current rally remains at $10,700.
Because BTC is still impacted by the equities markets, it continues to be worthwhile to keep an eye on U.S. stocks.
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