Metaverse tokens surge as crypto market shrugs off India FUD
Memecoins SHIB and BABYDOGE lead crypto market surge
BTC is still the cryptocurrency market’s primary driver, but memecoins are seeing astounding gains.
The global cryptocurrency market capitalization is up more than 6% over the past 24 hours to nearly $2.4 trillion. Driving the market higher is its leader, BTC, which is up 5% over the same period. Some altcoins are also performing well — particularly DOT, which is up by roughly 11%.
Still, nothing is outperforming SHIB. The memecoin is up another 54.5% across global exchanges, bringing its seven-day increase up to 386%.
Top altcoin gainers and losers: Memecoins continue surge
- LMCH/USDT +50.21%
- EC/USDT +44.36%
- BABYDOGE/USDT +31.67%
- SNC/USDT -8.70%
- SOC/USDT -11.23%
- CELT/USDT -17.05%
BTC technical analysis: Breakout looking for support
The price of BTC is starting to pull back after yesterday’s surge. Eager buyers will almost certainly be looking to step in near the top of the wide zone of historical trading interest (red) and inside the four-hour ribbon of exponential moving averages.
Barring a cascading sell-off back through the wide zone of previous resistance, the price of BTC is generally considered bullish.
ETH technical analysis: Bearish against BTC
ETH failed to keep pace with BTC yesterday but is currently trying to recover what was lost. However, it will first have to break through an area of likely resistance around 0.067 BTC — which will also coincide with the four-hour EMA ribbon.
Not an OKEx trader? Sign up and claim your new joiner bonus!
OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.