Major altcoins dramatically outperformed Bitcoin overnight. The price of Ether ( ETH) rose sharply from near $400 to as high as $430 before retracing back to $420 — a 5.36% gain over the past 24 hours. Meanwhile, Litecoin ( LTC) is up 6.66%.
The total crypto market capitalization increased by 1.5% to nearly $390 billion, as per data from CoinGecko. At the same time, Bitcoin’s share of the overall crypto market capitalization fell to 55.4%.
Decentralized finance remained hot over the weekend — especially the recent controversial token yearn.finance ( YFI), which reached as high as $39,000 before pulling back to around $30,000. Its forked project, DFI.money ( YFII), even pulled up from around $1,000 to a maximum of $6,000 within two days after its listing on OKEx. YFII has since retraced to around $4,000.
The current explosion of yield-farming projects and high rates of return are attracting more and more money and users to the world of DeFi. We can see that the number of users has skyrocketed over the past month, with a 90-day growth rate of over 100%. Ether’s price has been positively affected as a result, since market demand has been unabating.
Overnight, three DeFi tokens trading on OKEx were up more than 10%. Reserve Rights ( RSR) surged 30%. ANT and Nexus Mutual ( WNXM), meanwhile, received 12% and 14% returns, respectively.
Top altcoin gainers and losers
The rising price of ETH has been a catalyst for small-cap altcoins. Three have returned over 50% in the last 24 hours. Exchange Union ( XUC) surged 71.27% as Fantom ( FTM) and Arcblock ( ABT) added 56.02% and 49.92%, respectively.
Extremely fast rises in altcoins usually result in short and sharp pullbacks, with both ROAD and YFII pullbacks exceeding 20%.
BTC technical analysis
BTC’s mid-term upward pattern remains intact. $11,200 currently looks like a phase bottom.
Over the weekend, BTC ran above the $11,550 short-term threshold, breaking the downward pattern in place since Aug. 17. However, we haven’t seen any significant amplification in volume.
The nearest major resistance level is $11,900.
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