Crypto market looks to charge ahead after weekend recovery

Today’s edition of OKEx Insights’ Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The cryptocurrency market is generally flat this morning after experiencing a decline over the past seven days. The price of BTC is down 0.1% across global cryptocurrency exchanges and is trading around 19,227 USDT on OKEx. At the same time, ETH and XRP are up by 1.5% and down by 1.5%, respectively.

The total cryptocurrency market capitalization has increased by 1.0% over the past 24 hours, as per data from CoinGecko. It is now above $570 billion, while BTC dominance sits at 62.4%.

Traditional markets

Traditional markets may start the week in a state of uncertainty going into the next meeting of the Federal Reserve, the last major financial event of 2020, on Tuesday-Wednesday. Investors are generally remaining optimistic, overall, thanks to expectations that the Food and Drug Administration will approve Pfizer and BioNTech’s newly created coronavirus vaccine.

Meanwhile, the British pound sterling has surged following a joint statement that leaders in the United Kingdom and European Union would push forward with talks over a Brexit trade deal.

DeFi daily

In the decentralized finance market, Maker remains the DeFi leader in total value locked, according to DeFi Pulse. The Ethereum-based decentralized credit platform has a TVL of $2.65 billion — a decrease of 0.28% over the past 24 hours.

Meanwhile, the ongoing battle between Uniswap and SushiSwap continues to see the latter gain more market share and put pressure on the leading decentralized exchange. SushiSwap’s TVL has increased by 3.09% to $1.05 billion — only $0.30 billion less than Uniswap’s.

Top altcoin gainers and losers

  • MEME/USDT +111.73%
  • PMA/USDT +45.10%
  • RIO/USDT +28.74%
  • AERGO/USDT -9.50%
  • ORS/USDT -11.74%
  • YEE/USDT -15.69%

Despite the wider cryptocurrency market trading relatively flat, some altcoins on OKEx have surged in value. MEME, a nonfungible token on the Ethereum blockchain associated with DeFi, is up an absurd 111.73%.

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