Almost all of the top 10 large-capitalization cryptocurrencies are in the red. BTC fell from around $11,600 to as low as $11,117 in eight hours and is now bouncing back to around $11,350, as per OKEx’s BTC Index price. Ether ( ETH) and Litecoin ( LTC) were down 2.49% and 4.32%, respectively. EOS, meanwhile, plunged by 5.45%.
The only exception is Polkadot ( DOT), which is currently seventh on CoinGecko’s market capitalization list. The altcoin surged 15% to go against the grain. It has posted five straight days of gains after implementing a 100x split. Additionally, OKEx’s exchange native token, OKB, also surged 9.47% to counter the wider cryptocurrency market.
The total crypto market capitalization decreased 2% to fall below $370 billion, as per data from CoinGecko. Meanwhile, BTC’s dominance remains unchanged at 56.8%.
What is particularly noteworthy about yesterday’s BTC selloff is that decentralized finance tokens also saw a short and rapid decline — although many rebounded quickly. Previously, many DeFi tokens have had a negative correlation with Bitcoin, as per data from 21shares. Bancor ( BNT), 0X ( ZRX) and Compound ( COMP) have all seen declines of more than 6% over the past 24 hours.
Moreover, we saw Ethereum transaction fees drop by 80% from their mid-August peak. The price of ETH has also lost its independent trend as transaction fees have fallen.
Top altcoin gainers and losers
Mantra DAO ( OM) was listed on OKEx yesterday. It has been trading 162% above its opening price of $0.20. However, it was also hit hard by Bitcoin’s pullback and fell to $0.33 before quickly rebounding.
Two other altcoins on the top gainers list also rose very sharply. Arcblock ( ABT) and KCASH surged 46.47% and 44.38%, respectively, overnight. KCASH has only experienced two days of declines in the past half month, jumping from $0.02 to $0.12.
BTC technical analysis
In yesterday’s Crypto Market Daily, we noted that BTC still has the probability to test lower support at $11,200 in the short-term. The price did test this support area with amplified volume.
The mid-term trend is still in a bullish pattern. The short-term also shows positive signs after hitting important support levels. A short-term resistance level is back to $11,600 and an intraday threshold is located at $11,400.
Bitcoin price chart — 8/26"/> OKEx BTC Perpetual Swap 1h chart — 8/26. Source: OKEx, TradingView
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