A Comprehensive Crypto Market Overview – Feb 3 – Feb 10

byZero Gravity/February 7, 2022/inCrypto News

A Comprehensive Crypto Market Overview ( Feb 3 – Feb 10).

After a previous tumultuous week with most cryptocurrencies dipping to a significant level, the crypto market is finally starting to animate green candles on this weekly trading chart. Over the weekly period, the market cap of cryptocurrencies has grown from ~$1.7 trillion to more than $2 trillion while their trading volume has increased by 8 billion in the last seven days.

Despite the growth, several technical indicators show the likelihood of a short downside correction in the coming days, particularly in top cryptocurrencies like Bitcoin and Ethereum. We might see similar changes in the Decentralized Finance (DeFi) market.

In this blog post, we analyze different segments of the crypto market and also look at the price action of the largest cryptocurrency by market cap – Bitcoin.

Bitcoin – Hovering Around A Resistance Level for The Better

In the past week, Bitcoin has rebounded strongly as it hit $45,000 on Tuesday for the first time since January and is up by approximately 12% as of the time of writing. The price rally is largely driven in part by the liquidation of several short positions accumulated in the monthly downward trend of cryptocurrencies.

“The current rise came after considerable range-bound price action that saw volumes drying and shorts increasing,” said Joe DiPasquale, chief executive officer at BitBull Capital,

However, after reaching the $45,500 mark, the Bitcoin/USD pair fluctuated by $1000 on intra-hour and even more later yesterday and today, circling close to $44,000 at the time of writing. While the move represents a resistance at the current price level, the latest surge before consolidation represents a breakout of a downtrend in place since Bitcoin’s last-time highs in November 2021.

What Investors Should Know?

Despite significant growth, the Bitcoin market is expected to do a “healthy correction” in order to have another shot at reaching heights not seen in the last three months.

Below are various Exponential Moving Average (EMA) periods of Bitcoin, including a 12 – and 20-day period along with several short – and long-term periods. In the chart, two particular bearish indicators exist. First, the 9-day EMA crosses below the 20-day EMA. Second, the blue line (representing the buy signals) is crossing below the red line (representing the sell signals).

On the other hand, all the Oscillator indicators are showing a neutral sign except the MACD indicator, which indicates that the MACD line of Bitcoin crosses from above to below the signal line.

It can be concluded from the chart that the market is bullish and we might see buy orders in the coming days.

DeFi – Growing, But At A Slow Rate

Despite lingering concerns about regulations the DeFi market has surged in the past week to post an emphatic recovery from significant lows in January. The combined DeFi market cap sits at ~118 billion, having bounced 12.38% since the low of $105 on Feb 4.

The TVL (total value locked) of DeFi is also up this week – up by 12.22% since February 3 and is currently sitting at $210 billion.

Curve is still the most dominant and largest protocol in the Defi sector with $19.85 billion TVL locked that has gained about 11.64% in the last seven days. MakerDAO ranks second with $17.99 billion TVL and is up 14.77% in the last week, while Aave is third after gaining 18% since Feb 4. Nonetheless, Terra remains DeFi’s top token with a market cap of ~$22million and is up 17.4% in the last week.

The TVL of layer-2 solutions on Ethereum is at $6.55 billion after bouncing 18.65% since Feb 3. Arbitrum remains the biggest DeFi protocol in terms of TVL with a weekly growth of 27.92%.

What Investors Should Know?

A recent report from Consensys suggests DeFi will again take the crypto’s center stage in the coming days. The increased number of unique DeFi addresses in the recent days suggests a good health of the DeFi ecosystem, suggesting a noteworthy growth in the TVL should new addresses continue to grow.

Source: Consensys Report

Another report by Huobi further expects major growth of DeFi, however; it’ll be driven largely by institutions stepping into the sector.

On the other hand, comments from “Crypto Mom ” and SEC Chairman Gensler predict DeFi will soon face a regulatory reckoning, which may have detrimental effects on the overall DeFi market.

Disclaimer:

The information discussed here is not financial advice. This is for educational and informational purposes only. DYOR before making any investments and consult your financial advisor. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Twitter

Zero Gravity Crypto Follow 401 343

Bringing mainstream adoption to Cryptocurrency with tutorials, news, insights, tips and warnings. Full consultancy and management services available.

Retweet on Twitter Zero Gravity Crypto Retweeted

; T @TorayKortan ·

17 Oct 1714257038019019143

😇

Reply on Twitter 1714257038019019143 Retweet on Twitter 1714257038019019143 9 Like on Twitter 1714257038019019143 91 Twitter 1714257038019019143

Retweet on Twitter Zero Gravity Crypto Retweeted

; The Founding Monkey @Gav_Berry ·

27 Jul 1684589423692853248

If you read between the lines I think it’s pretty obvious that @elonmusk will be integrating @dogecoin into @X as the preferential payments solution. Most likely tied to ad spend and payments to creators also.

The 3 screenshots below have subliminal messages hidden within them…

Reply on Twitter 1684589423692853248 Retweet on Twitter 1684589423692853248 3 Like on Twitter 1684589423692853248 6 Twitter 1684589423692853248

Retweet on Twitter Zero Gravity Crypto Retweeted

; Cointelegraph @Cointelegraph ·

8 May 1655644988175437824

According to a report from The Wall Street Journal, Chinese companies are studying methods to develop AI via weaker semiconductors and combinations of chips to bypass reliance on a single type of hardware.

Reply on Twitter 1655644988175437824 Retweet on Twitter 1655644988175437824 3 Like on Twitter 1655644988175437824 14 Twitter 1655644988175437824

Retweet on Twitter Zero Gravity Crypto Retweeted

; The Founding Monkey @Gav_Berry ·

29 Apr 1652281882002718720

People seem to be forgetting that BTC.D generally increases in a bear market not a bull market.

In bull markets Alts out-perform #bitcoin and in bear market Alts capitulate harder than #Bitcoin

Don’t be so sure that an explosion on BTC.D means an explosion for #Bitcoin

99.9%…

Reply on Twitter 1652281882002718720 Retweet on Twitter 1652281882002718720 7 Like on Twitter 1652281882002718720 6 Twitter 1652281882002718720

Retweet on Twitter Zero Gravity Crypto Retweeted

; Drunken Monkey Members Club @DrunkenMonkey ·

21 Apr 1649391607798480897

Research shows that only a few #NFT projects will survive, those with Utility and those that are building vigorously throughout the Bear Market.

Fortunately we very much tick both of these boxes.

#Crypto Twitter, you have been warned on multiple occasions.

Tag your friends…

Reply on Twitter 1649391607798480897 Retweet on Twitter 1649391607798480897 15 Like on Twitter 1649391607798480897 16 Twitter 1649391607798480897

Retweet on Twitter Zero Gravity Crypto Retweeted

; Drunken Monkey Members Club @DrunkenMonkey ·

21 Apr 1649384569567625216

Reply on Twitter 1649384569567625216 Retweet on Twitter 1649384569567625216 8 Like on Twitter 1649384569567625216 16 Twitter 1649384569567625216

Retweet on Twitter Zero Gravity Crypto Retweeted

; 🐒The Social Monkey🐒 @G_DMMC_83 ·

17 Apr 1647998662629261312

@crypto_bitlord7 @Gav_Berry is a 💎

Never fade @DrunkenMonkey

Very big things are already here, not all professionals are aware of the services owning a membership has.

Yet

I’m surprised you don’t own a few digital assets to be fair bro

🌍

Reply on Twitter 1647998662629261312 Retweet on Twitter 1647998662629261312 9 Like on Twitter 1647998662629261312 14 Twitter 1647998662629261312

Retweet on Twitter Zero Gravity Crypto Retweeted

; The Founding Monkey @Gav_Berry ·

16 Apr 1647705698040414212

As this bear-market rally finally comes to a close, we have one last episode, and that is the bear market Alt season…

Stables > #Bitcoin > #Ethereum #Altcoins > Stables….

Remember the pattern…

Tight stop-losses, Let’s go 🚀

Reply on Twitter 1647705698040414212 Retweet on Twitter 1647705698040414212 2 Like on Twitter 1647705698040414212 3 Twitter 1647705698040414212

Retweet on Twitter Zero Gravity Crypto Retweeted

; The Founding Monkey @Gav_Berry ·

4 Apr 1643345006214762502

ETH 2.0 Shanghai upgrade (Thread)

Liquidity Staking Derivatives (LSDs)

Here is the story - (1)

Most will be aware of the #ETH 2.0 and the #Shanghai upgrade which comes to fruition on April 12th. 18 million ETH will become unlocked on April 12th, will this cause a sell-off?…

Reply on Twitter 1643345006214762502 Retweet on Twitter 1643345006214762502 6 Like on Twitter 1643345006214762502 17 Twitter 1643345006214762502

Retweet on Twitter Zero Gravity Crypto Retweeted

; Pomp 🌪 @APompliano ·

1 Apr 1642261068012564482

True entrepreneurs can figure out how to make money in any industry

Reply on Twitter 1642261068012564482 Retweet on Twitter 1642261068012564482 92 Like on Twitter 1642261068012564482 631 Twitter 1642261068012564482

Crypto Prices

Bitcoin

$43,166.85

BTC -1.54%

Ethereum

$2,235.29

ETH -0.80%

Binance Coin

$229.77

BNB -0.20%

Cardano

$0.44

ADA -0.39%

Dogecoin

$0.09

DOGE -6.44%

XRP

$0.63

XRP 0.62%

Polkadot

$6.00

DOT 1.00%

Uniswap Protocol Token

$6.05

UNI -0.47%

Solana

$63.10

SOL 0.06%

0 replies

Want to join the discussion?
Feel free to contribute!

A Comprehensive Crypto Market Overview – Feb 3 – Feb 10