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Crypto Market and DeFi Rebound Alongside US Stocks

Sep 10, 2020 3 min read
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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 Token Index Board is all green, as of 6:00 am UTC on Sept. 10. Source: OKEx

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.

SushiSwap is now second among DeFi projects in total value locked. Source: DeBank

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.

OKEx’s BTC Perpetual Swap 1h chart — 9/10. Source: OKEx, TradingView

Visit https://www.okex.com/ for the full report.

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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.

was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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