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.

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8 May 1655644988175437824

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; 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%… https://twitter.com/i/web/status/1652281882002718720

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; Drunken Monkey Members Club @DrunkenMonkey ·

21 Apr 1649391607798480897

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Fortunately we very much tick both of these boxes.

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Tag your friends… https://twitter.com/i/web/status/1649391607798480897

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; Drunken Monkey Members Club @DrunkenMonkey ·

21 Apr 1649384569567625216

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; 🐒The Social Monkey🐒 @G_DMMC_83 ·

17 Apr 1647998662629261312

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; 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 🚀

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; 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?… https://twitter.com/i/web/status/1643345006214762502

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; Pomp 🌪 @APompliano ·

1 Apr 1642261068012564482

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

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; The Founding Monkey @Gav_Berry ·

1 Apr 1642217548966969344

Your typical #Crypto #FuckedBoy

Tag a friend… 🫴🏼

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; The Founding Monkey @Gav_Berry ·

1 Apr 1642209366043492362

The last time #Bitcoin tested the $29,000 resistance level on quarterly closing was Q4 2020.

The last time USDT.D had a bearish engulfing quarterly candle, taking out the 2 previous quarters, was (you guessed it) Q4 2020.

On both occasions this USDT.D bearish engulfing candle… https://twitter.com/i/web/status/1642209366043492362

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Crypto Prices

Bitcoin

$27,158.02

BTC 0.19%

Ethereum

$1,905.70

ETH 0.80%

Binance Coin

$306.32

BNB -0.19%

Cardano

$0.38

ADA 0.00%

Dogecoin

$0.07

DOGE 0.83%

XRP

$0.52

XRP 1.57%

Polkadot

$5.29

DOT 0.72%

Uniswap Protocol Token

$5.09

UNI 0.45%

Solana

$21.20

SOL 0.24%

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A Comprehensive Crypto Market Overview – Feb 3 – Feb 10