ETH goes parabolic against BTC ahead of EIP-1559 | Trading Ideas| OKEx Academy

Sellers are in short supply for ETH, which is currently driving the cryptocurrency market. 

The cryptocurrency market has shaken off a flash crash overnight and is back to near break-even, with its total market capitalization currently sitting just under $2.4 trillion. The market continues to be driven by ETH, which is up nearly 9% over the past 24 hours — in spite of a 3.4% decline for BTC.

On the altcoin front, DOGE is once again pumping. The meme-friendly coin is up more than 25% over the past 24 hours. Additionally, LTC has also broken to the upside — surging 13.4% over the same period.

ETH continues to lead the market as most altcoins — excluding DOGE, LTC and others — are in the red. Source: Coin360

DeFi market hits new top above $75 billion

The total value locked in decentralized finance has hit a temporary top above $75 billion after surging higher alongside the price of ETH. Polygon, previously known as Matic Network, is leading the charge after its TVL surged over recent weeks.

On the decentralized-exchange front, top-ranked Uniswap is having the best day after gaining 12.28% in total value locked — significantly more than Curve Finance’s and SushiSwap’s respective 1.97% and 0.69% gains.

The total value locked in Polygon has surged over recent weeks. Source: DeFi Pulse

Top altcoin gainers and losers: WAVES continues winning streak

  • MXT/USDT +17.94%
  • WAVES/USDT +17.08%
  • UBTC/USDT +16.11%
  • WXT/USDT -8.06%
  • FRONT/USDT -8.32%
  • KP3R/USDT -10.87%

WAVES is once again among the top-performing altcoins on OKEx today, with DOGE, FLOW, LTC and many other large-caps outperforming the rest of the market.

The price of WAVES has spiked again on OKEx. Source: OKEx

BTC technical analysis: Not much to write home about

There was a time when the price of BTC was exciting and that of ETH was boring, but the roles have reversed. The market-leading cryptocurrency has chopped down through the ribbon of exponential moving averages on the four-hour time frame and continues to trade in horizontal confines.

OKEx’s BTC/USDT 4h chart — 5/4. Source: OKEx, TradingView

ETH technical analysis: Parabolic against BTC

The price of ETH has gone parabolic against BTC, with no signs of stopping ahead of EIP-1559. Sellers remain in short supply as buyers maintain full control.

OKEx’s ETH/BTC 4h chart — 5/4. Source: OKEx, TradingView

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