Once again, after many years, we have witnessed one altcoin’s price overtake Bitcoin’s — yearn.finance’s token, YFI, reached prices above $13,000 after gaining 18% overnight. YFI has been the beneficiary of many tokens’ sell-offs.
Tether ( USDT) has just overtaken XRP in market capitalization after multiple issuances in recent days and now stands at $13.14 billion — making it the third-largest cryptocurrency.
Major altcoins generally underperformed against Bitcoin over the past 24 hours and saw 1%-3% declines — such as Ether ( ETH) and Litecoin ( LTC), which are down 1.78% and 2.88%, respectively. TRON (TRX) slipped 1% toward the upcoming launch of its Ampleforth (AMPL) alternative, DeFinition.network (DZI).
Mid-capitalization altcoins with the biggest gains in today’s early morning rebound were OmiseGO ( OMG), Algorand ( ALGO) and Synthetix ( SNX), which are all up more than 10% in four hours.
The total cryptocurrency market capitalization increased a slight 0.2% to $374 billion. Meanwhile, BTC’s dominance remains at 57.8%, as per data from CoinGecko.
We observed that the rolling one-month basis of OKEx futures is coming down quickly in the last two days of sell-offs, per skew’s data. This indicates that the market is skeptical about mid-term price increases. It also narrows the arbitrage space between futures and spot prices.
Top altcoin gainers and losers
OMG increased 30.78% overnight and has more than doubled in the past week. This is mainly due to investors looking for second-layer solutions for Ethereum, due to excessive transfer fees.
The Polkadot network’s native token, DOT, continues to come under selling pressure following the launch of on-chain transfers on its main network. It is down 9.26%.
KCASH dropped from the list of top gainers to the biggest losers’ list. It is down 15.62%. Newly listed Kleros ( PNK) dropped 16.7% overnight after pumping 80% following its listing.
BTC technical analysis
Not much has changed since yesterday, with Bitcoin still trading above the lower trendline. The major pressure levels above are at $11,950 and $12,100.
To the downside, the critical support level is around $11,200 — where a mid-term bottom could be formed if the upward pattern continues.
Bitcoin price Perpetual Swap 1h chart — 8/20"/> OKEx BTC Perpetual Swap 1h chart — 8/20. Source: OKEx, TradingView
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