Daily Markets Update - September 14, 2020

Total Market Cap $337.9 BN (-1.89%)

24 Hour Volume $264.9 BN (+73.48%)

Notable Movers Hyperion (HYN) (+51.08%)

BTC Dominance 56.5% (+0.71%)



Overall digital asset market cap opened the week at $318B after a bit of volatility during the weekend with DeFi tokens seeing the most volatile movements.

  • $BTC seen to be range bound between $10,300 and $10,500 for the past 10 days, currently oversold RSI levels and trading at 10d SMA expectations and $BTC dominance at 55.5%

  • Seeing its first daily red bar in over 4 days after rallying from 10K support levels early last week.

  • $BTC futures showing 3.8B in OI, trading volatility leads to 15m long and 13.2m short contracts liquidated over the past 24 hours

  • $ETH dropping -4.7% overnight to 363 after reaching weekly highs of 388 on Saturday. Trading at oversold RSI levels and +1% 10d SMA expectations

Alts and DeFi watch:

  • Binance smart chain joins the action with the new BurgerSwap that mimics the interface of the popular Uniswap

  • $BNB breaking 30 levels after climbing up 6 days straight on the lead up to the BurgerSwap announcement. Still 23% away from its ATH at $40 on May 2019

  • $DOT down to low 5 levels after a strong weekend performance pushed +27% from 4.32 -> 5.48.  Trading at slightly overbought RSI levels and 7% above 10d SMA 

  • DeFi sector seeing TVL at 8.33B, representing 4.4% of total global digital asset market cap with $LINK holding 30.6% dominance in the space

  • $YFI climbs to new ATH at 44000 or 0.25 YFIBTC levels briefly during the weekend before a DeFi profit taking saw the market corrects down to 36000 with the rest of the defi sector

  • $LINK falling below 12 levels with a trade range of 11.50 <> 14 as its unable to breakthrough resistance of 13.50 yesterday

  • $LEND still topping charts as the lending platform of choice with 1.5b TVL, its token trading down from 0.774 to 0.663 during this Sunday evening profit taking action

  • DeFi sensation SUSHI token undergoes new payout structure as block rewards reduce from 1000 to 100 SUSHI. The community is starting to shift towards tokens with new DeFi fork platforms such as Swerve, Cream.finance and Solarite just to name a few.

For Fork’s Sake!

UniSwap now has more value locked than SushiSwap — less than a day after SUSHI block rewards for liquidity providers dropped from 1,000 tokens to 100. SushiSwap’sTVL plunged from $1.46 billion on Saturday to $885 million on Sunday. SUSHI tokens have had a less precipitous fall, falling 9% in the same time period.

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News that caught our eye:

  • Ticino Blockchain Technology Association launched with the University of Southern Switzerland and Bitcoin.com and Swiss Blockchain Consortium to support companies with academic research

  • Binance boss, CZ, wants to see more Ethereum-based projects on his platform and sees the move not as competitive but complementary.  More choice for developers which should result in cheaper gas.

  • Oracle reportedly wins the Tik Tok race after Microsoft’s bid was rejected by ByteDance

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