Daily Market Update - August 10, 2020

$BTC 24 Hour High $11,806.06 $BTC 24 Hour Low $11,548.78 $BTC -0.7%

Total Market Cap $364.7 BN (+1.81%)

24 Hour Volume $82.7 BN (+8.82%)

Notable Movers yearn.finance (YFI(+41.89%)

BTC Dominance 60.8% (+0.50%)

$BTC dominance at 60.4% with physical traded volumes dropping below 20B, trading range bound between 11,550-11,800 over the past two days. Looking to increase traded volume before challenging 12,000 levels with support levels at 11,550.

$BTC futures volume dropped back below 10B aggregated with OI at 5B. There were 10.8M long positions liquidated with limited volatility.

$ETH momentum slowed down, stuck range bound between 290-300, trading at 392 at neutral RSI levels and trading at 100d SMA expectations

Most movements over the weekend trading benefitted DeFi tokens largely... 

Alt and DeFi watch:

  • Top 10 large-cap coins were mostly in the red with an average ~1% drop with exception of DeFi related coins

  • $XRP dropped 1% over the past 7 days, last week topped off at 0.322 and has since rejected 0.30 levels and is trading around 0.288 on slightly oversold levels and the bottom range of Bollinger bands

  • $LINK pushes to 14, as its trading volume on some exchanges surpassed $BTC with signals showing overbought RSI levels after moving 10%+ overnight. With LINK up 68% over the past 7  days, we’re expecting short-term correction as profit-takers cash out their positions. Star performer within the top 10 alts

  • $XTZ up 10% to 3.71, up 27% over the past 7 days

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