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OKEx Insights Crypto Market Daily NFT DeFi Ethereum

Memecoins moon as BTC drives market higher

2021.10.06 Adam James

Though most altcoins are underperforming against BTC, memecoins are shooting the proverbial moon.

The global cryptocurrency market capitalization is up approximately 2% today off the back of a 3.4% increase in the price of BTC — bringing the foremost cryptocurrency’s seven-day increase up to more than 25%. 

At the same time, most altcoins are lagging behind BTC — with the notable exception of memecoins DOGE and SHIB. The former is up 7.6% while the latter is up a staggering 77.4% against the cryptocurrency market leader. SHIB’s seven-day increase is now nearly 170%.

The cryptocurrency market is mixed as BTC and memecoins primarily lead the charge. Source: COIN360

DeFi Digest: ThorSwap raises $3.75 million

Per multiple sources, ThorSwap has raised $3.75 million through a private token sale round led by IDEO CoLab Ventures. The decentralized exchange is built on top of ThorChain, a cross-chain liquidity protocol.

The fresh injection of capital’s planned usage is to scale and audit the platform. ThorChain notably experienced multiple attacks and lost no less than $13 million.

Top altcoin gainers and losers: Memecoins dominate

  • AKITA/USDT +51.87%
  • KISHU/USDT +39.32%
  • SHIB/USDT +38.45%
  • KAN/USDT -12.43%
  • MCO/USDT -13.13%
  • XPR/USDT -15.40%

The top-performing altcoins on OKEx today — per the exchange’s default time settings — are all memecoins. In addition to AKITA, KISHU and SHIB, BABYDOGE is also outperforming every other altcoin.

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

BTC technical analysis: Looking for confirmation

The price of BTC successfully broke through the wide resistance channel on its first attempt. However, the last time this occurred turned into a fakeout and led to a severe sell-off. Eager bulls might be wise to wait for confirmation — such as finding support at the top of the zone and/or along the four-hour EMA ribbon.

OKEx’s BTC/USDT 4h chart — 10/06. Source: OKEx, TradingView

ETH technical analysis: The struggle against BTC continues

ETH is failing to keep any semblance of pace with BTC — driving ETHBTC down to an area of critical support at the bottom of a wide trading channel. Swing traders might be looking for longs in this area but would certainly employ stop losses.

OKEx’s ETH/BTC 4h chart — 10/06. 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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