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OKEx Insights Crypto Market Daily NFT DeFi Ethereum

Altcoin market mixed as DeFi tops $200 billion

2021.10.13 Adam James

The price of BTC is pulling back as various altcoins take the opportunity to recover.

The global cryptocurrency market capitalization is down nearly 1% today off the back of a 3.4% decline in the price of BTC across global exchanges. However, many altcoins are rallying — including SOL and DOT, which are up 5% and 8.5%, respectively.

The cryptocurrency market is mixed, with some altcoins seeing gains. Source: COIN360

Leading headlines today is the revelation that the United States may now be home to the largest percentage of Bitcoin’s hash rate. According to the Cambridge Centre for Alternative Finance, the U.S. currently accounts for 35.4% of Bitcoin mining activity. 

However, the data is based on an analysis of less than half of the total network hash rate. Nevertheless, it is abundantly clear that China’s dominance over the metric has disappeared following a continued crackdown on the cryptocurrency mining industry.

The United States is now home to the largest percentage of Bitcoin’s hash rate. Source: Cambridge Centre for Alternative Finance

DeFi Digest: Sector tops $200 billion in total value locked

The decentralized finance industry has locked up more than $200 billion in value, according to Defi Llama — more than twice the total value locked in June. Though Ethereum continues to lead the charge, much of the sector’s growth has taken place on Solana, Terra, Avalanche and Fantom over recent months.

The total value locked in DeFi has surpassed $200 billion. Source: Defi Llama

Top altcoin gainers and losers: KISHU leads all altcoins

  • KISHU/USDT +50.16%
  • JFI/USDT +44.36%
  • ROAD/USDT +19.29%
  • RNT/USDT -9.40%
  • CVT/USDT -10.13%
  • ORS/USDT -12.65%

The top-performing altcoin on OKEx today is KISHU. The dog-themed memecoin is up roughly 50%. Meanwhile, the best-performing large-cap altcoin is XLM, which is up roughly 8.5%.

KISHU is the top-performing altcoin on OKEx today. Source: OKEx

BTC technical analysis: Buyers tested, 50,000 USDT in sight

The price of BTC has pulled back moderately and is currently trading inside of the four-hour ribbon of exponential moving averages. Should it fail to find support here, it could decline to the 50,000 USDT range.

OKEx’s BTC/USDT 4h chart — 10/13. Source: OKEx, TradingView

ETH technical analysis: Testing resistance amid recovery

The price of ETH is trying to recover against BTC but is running into potential resistance at the four-hour EMA ribbon. Pushing through the EMA ribbon could open the door to 0.067 BTC being tested.

OKEx’s ETH/BTC 4h chart — 10/13. Source: OKEx, TradingView

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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.



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