Major cryptocurrencies and altcoins gave up most of their Monday gains.
The total cryptocurrency market is down less than half a percent today as BTC trades flat and ETH sees a negligible gain. Meanwhile, SNX has continued its uptrend and is now up 15%.
Despite gaining some traction to start the week, major cryptocurrencies and a number of altcoins dropped slightly lower. The intertwining of crypto and traditional markets is most likely the culprit for this stagnation, as traditional indexes continued lower.
For the most part, crypto bounces have been an easy sell for the past few weeks — and many are expecting continued volatility.
DeFi Digest: 0x Labs raises $70 million in Series B
0x Labs, a startup that provides decentralized exchange infrastructure services, announced a $70 million Series B fundraise earlier today. Led by Greylock, with participation from funds such as Pantera and Jump Capital, the round will help expand the company’s team and grow its products, such as Matcha and 0x API.
According to the blog post, 0x has enabled $153 billion tokenized value across over 43 million trades — with over 3 million users across its application and wallet integrations. 0x currently supports major blockchains, such as Ethereum and Polygon, and is continuing to expand to other areas of the space.
The company behind the popular nonfungible collection Bored Ape Yacht Club, Yuga Labs, released details yesterday about plans for the launch of its metaverse, Otherside. The mint for land in Otherside will occur this Saturday — where users will be able to bid using only APE.
Otherside was first teased in mid-March with a video showing Bored Ape characters, along with other popular nonfungible tokens like Cool Cats and CryptoPunks, exploring the Otherside world. Yuga Labs had also shared a link for users to provide information about themselves for mint eligibility. The mint this Saturday will be a Dutch auction, and however much APE is earned will be locked for one year. Bored Ape and Mutant Ape holders will be able to claim an NFT 21 days after the auction.
Top altcoin gainers and losers: Just a handful of altcoins see green
In altcoins, bidding strength has been a familiar trend for the last several months. Some altcoins, such as KNC, continue to find a bid as traders migrate to stronger coins while the broader market remains shaky.
BTC technical analysis: Giving up gains
Despite a strong Monday, BTC gave up most of its gains today as the coin dropped below 40,000 USDT. It reached as high as 40,800 USDT before returning to weekly lows. The wind was sucked out of any bullish momentum buyers had — and lower prices may be in the cards.
ETH technical analysis: Unable to break resistance
Like BTC, ETH fell down to lower levels after a surge on Monday. The coin briefly broke 3,000 USDT, but a sell-off started soon after, falling to around 2,900 USDT. ETH now sits below major moving averages, as bulls hope that this breakdown is just a higher low on the daily. Buyers will need to hold this area as support — otherwise, market structure will look rather bleak.
Altcoin technical analysis: SNX continues higher
SNX has outperformed a lot of the market since early March. As traders look to older decentralized finance tokens, many believe that the bottom could be in. Additionally, SNX is seeing a bid because of rumors surrounding Optimism’s rumored token airdrop. As Synthetix is one of the primary protocols on Optimism, some are using SNX as a proxy bet.
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Source: https://www.okx.com/academy/en/snx-sees-strength-in-stagnant-crypto-market-as-proxy-bet-crypto-market-daily