Bitcoin is showing its strength once again. With the rise of the last 48 hours, it sees the 11,000 USD again, recovering 50% of the ground lost with the fall at the beginning of the month.
It is a movement in countertendency with the Altcoins that remain burdened and unable to take advantage of Bitcoin’s pull.
In the Top15, this morning the queen of cryptocurrencies is the only green sign with an increase of +2%. Moving on, after two positive days, the red sign is back with more than 80% of tokens in negative territory.
For the third day in a row, Hyperion (HYN) is the winner on the podium with an increase of 15%. In just three days the token gains more than 450%, recovering 2/3 of the drop that at the beginning of the month in just a few days has lowered the value by more than 85%, going from one dollar to about 16 cents.
Hyperion’s project aims to create a decentralized platform freely accessible for cartographic maps, including spatial maps.
ABBC Coin (ABBC) follows with an increase of +10%.
Among the top names, Monero (XMR) and Stellar (XLM) are both up 2% from yesterday morning’s levels.
DeFi, TVL on the rise and tokens in trouble
In contrast, there are the sharp declines of the tokens of decentralized finance: SushiSwap (SUSHI) Aragon (ANT) and Loopring (LRC), all falling by more than 15%.
The recovery of the locked value in DeFi continues, today at a pace of $9 billion.
Aave (LEND) maintains leadership with $1.4 billion locked in the decentralized protocol. This is followed by Maker, another decentralized lending service, and Curve Finance with over $1 billion, the first of the open exchanges (DEX).
The number of Ether locked is back above 7 million, of which 40% are deposited on Maker’s project, followed by Sushiswap and Uniswap.
Bitcoin leads in capitalization and dominance
Total market capitalization remains above $345 billion, thanks to Bitcoin, which recovers over $11 billion in three days, absorbing the bleeding Alts.
Bitcoin’s dominance is also up, with a recovery of two points in the last few hours, just over 58%. An event that deflated both Ethereum below 12% and XRP just over 3%, one step away from the lows of June, the lowest level in the last three years.
Bitcoin (BTC) at 11,000 USD
The rise in the last few hours brings the prices back to just over $11,000 after two weeks. This is a positive sign of moderate optimism with trading above $2 billion for the second consecutive day. This has not happened since the first week of September.
Once the first resistance of $10,850, which has now become support, had been demolished, the hedges moved between $11,100 and $11,630, levels defending real resistance at $11,890.
Exceeding this level would most likely restore confidence, attracting new purchases and a change in trend catalyzed by the recovery of the early-month highs. Conversely, a return below $10,500 would threaten the bearish clouds for a new $10,000 test.
The hesitant attempt to raise prices yesterday to revise the 385-390 USD area, the highest recorded over the weekend, was rejected.
Traders continue to remain cautious with upward hedges on Call options doubling the downward hedges on Put options.
A jump above USD 415 is required to regain confidence, otherwise the current high is only a pause before the bearish force returns. To avoid falling, the levels to defend at all costs are first 355 USD and then 305 USD.