New records for DeFi crypto projects
Trading

New records for DeFi crypto projects

By Federico Izzi - 20 Nov 2019

Chevron down

Yesterday was a historic day for DeFi crypto projects: Maker (MKR) upgraded its system from single-collateral (SAI) to Multi-Collateral DAI (MCD), providing more stability and liquidity. Despite this, the token is not celebrating today, rather it is retracting by more than 5%.

Among the best of the day are Augur (REP) and Synthetix Network Token (SNX), both up by more than 13%. These are also cryptocurrencies which are part of the DeFi world and which today celebrate the new record period of USD dollars blocked on DeFi: $675 million, a step away from the historic record of late June. 

Another DeFi project, 0x (ZRX), follows at a distance, with an increase of 4%.

Among today’s worst performances, in addition to Maker, there is VeChain (VET), which lost 7%. After the strong rises of the last two weeks, which have doubled the prices of the token, profit-taking has been prevailing for four days. Technically, the upward trend, which benefits from the official recognition of the Chinese government for its food-tracking platform, remains intact.

Source: COIN360.com

Overall, it’s a little busy day for the crypto sector, which continues to show a generalised weakness despite the fact that for the first time in three days the positive signs are slightly superior: over 60% of cryptocurrencies are above par even if there are no particular bullish movements

The general picture sees trading volumes in contraction, which have been decreasing in the last 24 hours and settling at 70 billion dollars. The dominance of Bitcoin is down to 66%; Ethereum confirms its position around the month’s highs around 8.7%; Ripple is slightly rising just above 4.9%.

Bitcoin chart by Tradingview

Bitcoin (BTC) Price

Bitcoin continues to give signs of weakness that see prices fluctuate dangerously just above the threshold of 8,100 dollars after testing yesterday the 8,000 dollars, a level that is more psychological than technical, the latter established at 7,600 dollars. 

BTC must give an upward reaction signal as soon as possible, otherwise, it risks cancelling the rally at the end of October.

Ethereum chart by Tradingview

Ethereum (ETH) Price 

Ethereum performs better than Bitcoin: in the daily picture, unlike BTC which is in negative territory, ETH is just above parity and tries to strongly defends the level of 175 dollars after failing to maintain the 185 dollars. 

This is the threshold to be recovered as soon as possible, otherwise, Ethereum could risk revising the lows of mid-October in the $155-160 area. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.