2021-1-12 19:14 |
The last two days have been brutal for the cryptocurrency market; wiping out $285 billion in the process.
Interestingly, while Bitcoin, Ethereum, and major cryptocurrencies remained in losses, the DeFi market started uptrending before these top digital assets had time to recover.
Among the top DeFi projects, Synthetix jumped past $13.50. SNX is actually cruising towards its all-time highs
SNX 38.90%
Synthetix / USD
SNXUSD
$ 15.22
$5.92
38.90%
Volume 372.47 m
Change $5.92
Open $15.22
Circulating 110.52 m
Market Cap 1.68 b
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1 h
A 'Massive Transfer of Wealth Among Traders' Sees DeFi Tokens Winning the Round
1 w
Three Arrows Capital Holds 36,969 Bitcoin ($1.24B) via An Over 6% Stake in GBTC
2 w
Bitcoin to 10x, ETH to Outperform BTC, & DeFi Unicorns: Crypto Market’s 2021 Prediction
.
Maker is also enjoying the greens
MKR 34.03%
Maker / USD
MKRUSD
$ 1,524.23
$518.69
34.03%
Volume 434.53 m
Change $518.69
Open $1,524.23
Circulating 996.11 K
Market Cap 1.52 b
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4 mon
Charles Hoskinson Reveals Upcoming Cardano Stablecoin; Will Be 'Significantly Better Than MakerDAO'
along with AAVE, COMP, RUNE, 1inch, and Hegic. Except for a few DeFi tokens that are in heavy losses, the majority have already started making their way up.
“DeFi assets moving back to the highs as if nothing had happened … aside of a massive transfer of wealth among traders. Impressive. There's a clear set of winners at present. SNX COMP MKR AAVE and SOL. YFI should be in this group once it breaks above 40K,” noted trader and economist Alex Kruger.
The total value locked (TVL) in DeFi is currently standing at $21.34 billion, down from Sunday’s record $23 billion.
Source: DeFiPulse.com
Is It Time for Altcoins’ Rally?Bitcoin is trending up, currently trading above $34,350
BTC 10.36%
Bitcoin / USD
BTCUSD
$ 34,775.65
$3,602.76
10.36%
Volume 85.24 b
Change $3,602.76
Open $34,775.65
Circulating 18.6 m
Market Cap 646.77 b
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33 min
Bitcoin & Crypto’s 'Biggest Sales Pitch is Scarcity vs Demand' Says Dallas Maverick's Owner, Mark Cuban
1 h
A 'Massive Transfer of Wealth Among Traders' Sees DeFi Tokens Winning the Round
1 h
Anthony Scaramucci Buys the Bitcoin Dip; Advise People To Do The Same
after falling to nearly $30,000 on Monday. From here, the market expects the largest digital currency to take a rest and range for a while.
Kruger's Short-term BTC view is “range-bound in 30K-40K until the curve and vols come off a further. Then, 50K. I wouldn't be surprised if 30K is briefly breached, but the risk is to the upside.”
The latest correction, which has been the largest since the March 2020 sell-off, has also brought forth a series of $20k calls, but the trader sees these calls to be “missing the big picture.”
The advantage of this ranging in Bitcoin would be to altcoins that have been looking for their time to rally and reach for their ATHs. Even Ethereum hasn’t hit its 2017 peak of $1,420 yet, missing it by about 5%.
Bitcoin dominance is already down from early Jan. high of 73.7%, last seen in 2017, to under 70%.
“This was the first major correction since Bitcoin season started… If BTC consolidates between $30K-$40K over the next few weeks, altcoins could go ballistic,” noted another trader @CryptoHustle.
Bitcoin/USD BTCUSD 34,775.6459 $3,602.76 10.36% Volume 85.24 b Change $3,602.76 Open$34,775.6459 Circulating 18.6 m Market Cap 646.77 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post A ‘Massive Transfer of Wealth Among Traders’ Sees DeFi Tokens Winning the Round first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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