ETH surges to new all-time highs as thirst for DeFi yields increases | Trading Ideas| OKEx Academy

As EIP-1559 moves closer and closer, sellers appear more and more disinterested in parting with ETH. 

Crypto Market Daily

The cryptocurrency market is growing in confidence today after adding 2.3% to its total market capitalization — tacking on more to a strong seven-day performance.

Though BTC is up 1.7%, the market is primarily being led by ETH, which has increased by nearly 7% — bringing much of the altcoin market up with it.

Crypto market visual
Many altcoins are seeing modest increases today as the wider market remains optimistic. Source: Coin360

Sentiment in the cryptocurrency market is recovering after dropping to fearful levels last week, per multifactorial crypto market sentiment analysis from alternative.me. The thirst for more gains can be seen in the altcoin and yield-farming market, which is outperforming BTC in a significant way.

Fear and Greed index
Sentiment in the cryptocurrency market is once again in greedy levels after a recent shakeout. Source: alternative.me

Aave surges as hunger for DeFi yield increases

On the subject of an increased appetite for yield, the decentralized finance market is surging — with its total value locked surpassing $72.27 billion. Popular lending protocol Aave is leading the charge with a TVL increase of nearly 11%.

TVl in DeFi
The total value locked in Aave has surged over the past week. Source: DeFi Pulse

Top altcoin gainers and losers: WAVES leads altcoins after surge

  • WAVES/USDT +43.35%
  • EC/USDT +31.66%
  • GHST/USDT +16.96%
  • OKT/USDT -4.81%
  • OKB/USDT -8.24%
  • HDAO/USDT -10.98%

There are plenty of altcoins seeing solid gains on OKEx today, but WAVES is the top-performing altcoin after surging by 43.57%. Among large-cap altcoins, OMG and MKR have also performed well.

WAVES price
WAVES is the top-performing altcoin on OKEx today after a sharp increase. Source: OKEx

BTC technical analysis: Still boring, but still slightly bullish

The price of BTC continues to trade inside of a wide range between 48,000 USDT and 62,000 USDT — something the market is currently finding to be boring. However, at the moment, the leading cryptocurrency is slightly bullish while holding above the ribbon of exponential moving averages on the four-hour time frame.

BTC/USDT 4h chart
OKEx’s BTC/USDT 4h chart — 5/3. Source: OKEx, TradingView

ETH technical analysis: Hardly any sellers

The price of ETH continues to garner most of the spotlight as it pushes even higher against BTC. It appears the second-ranked cryptocurrency is starting to melt up as sellers appear loath to part with their coins ahead of EIP-1559.

ETH/BTC 4h chart
OKEx’s ETH/BTC 4h chart — 5/3. Source: OKEx, TradingView

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Source: https://www.okex.com/academy/en/ethereum-surges-to-new-all-time-highs-as-demand-for-defi-yields-increases-crypto-market-daily