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    Home » Market Updates » Crypto Market Watch: DeFi Tokens Explode As Bitcoin Price Stagnant

    Crypto Market Watch: DeFi Tokens Explode As Bitcoin Price Stagnant

    Author: Jordan Lyanchev

    Last Updated Nov 11, 2020 @ 07:57

    While BTC presents stability, ETH soars above $460 as most altcoins, especially DeFi-related, are exploding in green. Bitcoin’s dominance is below 64%

    During the past 24 hours, Bitcoin tanked to $15,100, but it has recovered since then and trades around $15,400. Most high and mid-cap altcoins have outlined substantial gains and have reduced BTC’s dominance to below 64%.

    Bitcoin Price Slides But Recovers

    After peaking at nearly $16,000 last week, Bitcoin has struggled with maintaining such a high price tag. It dropped below $14,300 a few days after, but managed to initiate a false breakout towards $15,800 when news broke that Pfizer’s COVID-19 vaccine has worked successfully in 90% of trial cases.

    Nevertheless, the primary cryptocurrency slumped once more to below $15,000 just hours after. It reclaimed the $15,000 mark on November 9th and hasn’t looked back since.

    In the past 24 hours, the asset slipped briefly to $15,100. However, the bulls quickly took charge and sent it to its current level of about $15,400.

    The technical indicators suggest that BTC would have to conquer the resistance lines at $15,600 and $15,800 before potentially challenging the year-to-day high at $16,000.

    Alternatively, BTC could rely on $15,200, $15,000, and $14,900 in case another price dip arrives.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Altcoins In Green: DeFi Tokens Explode

    Most alternative coins have been soaring in the past 24 hours. Ethereum has increased by 3% and trades slightly above $460. Thus, ETH’s impressive performance since the US Presidential election day continues. The second-largest cryptocurrency traded at $370 on November 3rd and has gained nearly 25% in a week.

    Ripple has jumped by 2%, but XRP still sits beneath $0.26. Chainlink (3%), Polkadot (3%), and Litecoin (2%) have also increased in value. As a result, LINK sits above $13, Polkadot is at $4.5, while LTC has neared $60.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

     

    Even more impressive performances come from lower-cap altcoins and especially DeFi tokens. Loopring is the most notable gainer in the past 24 hours, with a 26% surge. UMA (19%), SushiSwap (16.5%), Compound (14%), Celo (13%), Reserve Rights (13%), Ampleforth (12%), Kyber Network (10.5%), Yearn.Finance (10%), and Uniswap (10%) complete the double-digit price gainers.

    With the increases among the altcoins and BTC’s static performance on a 24-hour scale, Bitcoin’s dominance has suffered. The metric comparing BTC’s market capitalization against all alternative coins has fallen to 63.8%. Only a few days ago, it hovered above 66%.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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      Crypto Market Cap Gains $15 Billion as Bitcoin Price Touches $14,100 (Market Watch)
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      Market Watch: DeFi Tokens Skyrocket As Bitcoin Price Stopped By $16,000
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    Read more on: Bitcoin (BTC) Price DeFi Ethereum (ETH) Price

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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