Bitcoin ETF excitement continues as ETH surges higher
Altcoin market mixed as DeFi tops $200 billion
The price of BTC is pulling back as various altcoins take the opportunity to recover.
The global cryptocurrency market capitalization is down nearly 1% today off the back of a 3.4% decline in the price of BTC across global exchanges. However, many altcoins are rallying — including SOL and DOT, which are up 5% and 8.5%, respectively.
Leading headlines today is the revelation that the United States may now be home to the largest percentage of Bitcoin's hash rate. According to the Cambridge Centre for Alternative Finance, the U.S. currently accounts for 35.4% of Bitcoin mining activity.
However, the data is based on an analysis of less than half of the total network hash rate. Nevertheless, it is abundantly clear that China's dominance over the metric has disappeared following a continued crackdown on the cryptocurrency mining industry.
DeFi Digest: Sector tops $200 billion in total value locked
The decentralized finance industry has locked up more than $200 billion in value, according to Defi Llama — more than twice the total value locked in June. Though Ethereum continues to lead the charge, much of the sector's growth has taken place on Solana, Terra, Avalanche and Fantom over recent months.
Top altcoin gainers and losers: KISHU leads all altcoins
- KISHU/USDT +50.16%
- JFI/USDT +44.36%
- ROAD/USDT +19.29%
- RNT/USDT -9.40%
- CVT/USDT -10.13%
- ORS/USDT -12.65%
BTC technical analysis: Buyers tested, 50,000 USDT in sight
The price of BTC has pulled back moderately and is currently trading inside of the four-hour ribbon of exponential moving averages. Should it fail to find support here, it could decline to the 50,000 USDT range.
ETH technical analysis: Testing resistance amid recovery
The price of ETH is trying to recover against BTC but is running into potential resistance at the four-hour EMA ribbon. Pushing through the EMA ribbon could open the door to 0.067 BTC being tested.
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