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OKEx Insights Crypto Market Daily DeFi Ethereum Bitcoin

Crypto market bolstered by Alameda, Jack Dorsey and Elon Musk

2021.07.22 Adam James

With the price of BTC previously on the precipice of a capitulation, Alameda Research has been buying. 

The cryptocurrency market continues to rally modestly after yesterday's strong bounce, which coincided with the news that Alameda Research has been purchasing BTC below the $30,000 level. 

The market-leading cryptocurrency also continued to rise in value preceding a discussion featuring Twitter CEO Jack Dorsey and Tesla CEO Elon Musk at The B Word — during which the latter noted that he owns ETH while SpaceX owns BTC.

Following these two events, the total cryptocurrency market capitalization is currently up 2.5% over the last day — per data from CoinGecko — while BTC and ETH are up 1.4% and 4.1% over the past 24 hours, respectively. Over the same period, XLM and OKB have led the top 40 altcoins after rising by double-digit percentages.

The cryptocurrency market continues to see modest gains across the board, with minimal exceptions. Source: Coin360

Further bolstering the cryptocurrency market is the news that rich investors have an appetite for cryptocurrency exposure. According to a survey from Wall Street giant Goldman Sachs, 15% of its family office clients — who represent some of the richest families in the world — have already invested in digital assets, while 45% are looking to make their first investments into cryptocurrencies.

Top altcoin gainers and losers: WAVES leads large-caps

  • SNT/USDT +25.22%
  • QUN/USDT +24.27%
  • WAVES/USDT +13.20%
  • UBTC/USDT -5.64%
  • AE/USDT -6.52%
  • LAT/USDT -7.00%

The top-performing altcoin on OKEx today with a market capitalization greater than $1 billion is WAVES, which is up more than 13%. Major altcoin FLOW — which powers NBA Top Shot — is close behind.

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

BTC technical analysis: Catching bids but precarious

The price of BTC is in a precarious position at the moment after catching bids from Alameda Research ahead of a high-profile talk featuring Jack Dorsey and Elon Musk. It is now trading back inside a horizontal range of historical support — either meaning a capitulatory move down is delayed or a new rally is about to get underway. 

Traders will be watching BTC's next move carefully, as failure here would almost certainly imply more downside.

OKEx's BTC/USDT 4h chart — 7/22. Source: OKEx, TradingView

ETH technical analysis: Middle of a descending triangle

The price of ETH continues to trade in a large descending triangle against BTC. As of right now, the foremost altcoin is trading in the middle of said triangle, so many traders currently not in a position will be sitting on their hands and waiting for more optimal short entries near the top or long entries near the bottom.

OKEx's ETH/BTC 4h chart — 7/22. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

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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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