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.
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 (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 (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.