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Cryptocurrency market continues to bleed against BTC

2021.06.11 Adam James

ETH and virtually every major altcoin are steadily losing traction against BTC as the cryptocurrency market digests recent news. 

The total cryptocurrency market capitalization is closing the workweek in decline after dropping 2.4% to $1.65 trillion. The price of its leader, BTC, is down nearly 1%, while the price of second-ranked ETH is down 4%. At the same time, most major altcoins are down in both USD and BTC terms.

Almost the entire cryptocurrency market is underperforming against BTC today. Source: Coin360

The cryptocurrency market's down day comes at the end of a week that saw United States Senator Elizabeth Warren hammer Bitcoin's alleged damage to the environment and its supposed enabling of ransomware attacks — statements that are in line with the current administration's heightened regulatory attention toward cryptocurrencies.

DeFi market falls below $60 billion

The decentralized finance marker is also in decline, though it still remains relatively close to $60 billion of total value locked. Market leaders Aave, Maker and Compound are all down more than 2.5%.

Stablecoin-focused Curve Finance continues to outperform its competition in the decentralized exchange sector. Its total value locked has increased a slight 0.42%, while both Uniswap and SushiSwap have seen declines.

The total value locked in DeFi is holding up relatively well near $60 billion. Source: DeFi Pulse

Top altcoin gainers and losers: Down day for major altcoins

  • SOC/USDT +59.09%
  • KISHU/USDT +32.27%
  • CHZ/USDK +15.65%
  • MLN/USDT -11.59%
  • TRIO/USDT -19.00%
  • LAMB/USDT -19.03%

CHZ is the primary altcoin standout today — at least among those with market capitalizations over $1 billion. ENJ and MANA have also seen solid increases.

CHZ is the top-performing major altcoin on OKEx today. Source: OKEx

BTC technical analysis: Trying to find more buyers

The price of BTC is trying to gather some bullish momentum and push toward 40,000 USDT — where it is expected to run into sell pressure. As long as it is trading above the four-hour ribbon of exponential moving averages, BTC may have a slightly bullish bias.

OKEx's BTC/USDT 4h chart — 6/11. Source: OKEx, TradingView

ETH technical analysis: Unrelenting sell pressure against BTC

ETH's price decline against BTC has been steady and unrelenting. Should it fail to find buyers in its current area, the door is open to a decline towards 0.057 BTC.

OKEx's ETH/BTC 4h chart — 6/11. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.