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Ethereum fails to sustain support while Bitcoin sees moderate losses


Ethereum seems unable to break through the key US$1,300 barrier, instead shedding another percent this Thursday morning, dragging its price down to US$1,280.

Bitcoin’s price action is similarly trending down, albeit at a more modest 0.5%.

Ripple (XRP) has taken another hit, this time with a 6.3% dive below US$0.46, spelling bad news for XRP fans hoping to maintain the US$0.50 support line.

However, given XRP’s recent long-tail rally, the coin is still in a comparatively strong position in the altcoin space.

Cardano (ADA) fell over 7% this morning, thus underperforming against the large-cap altcoin set, while Polygon (MATIC) also shed more than 6% of its market capitalisation.

In the decentralised finance (DeFi) space, Uniswap is struggling to reverse the bear rally it has been experiencing in October. The US$4.3bn decentralised exchange fell nearly 8% in the past 24 hours.

Uniswap (UNI)’s moving average has taken a bearing crossover, indicating a sustained bear advantage – Source: currency.com

Uniswap (UNI)’s moving average has taken a bearing crossover, indicating a sustained bear advantage – Source: currency.com

Uniswap is not alone though; other DeFi tokens are similarly trending downwards, with Lido DAO dropping over 10% and Curve over 9%.

Other poorly performing altcoins this Thursday include oracle network Chainlink, the Cosmos blockchain, Ethereum Classic.

Huobi Global’s HT token seems hellbent on sustaining its impressive post-merger announcement rally, having added over 12% in the past 24 hours.

That brings HT’s total market capitalisation over US$1.1bn, a whopping 75% week-on-week gain.

KuCoin’s KCS token is also going well, following the centralised exchange’s recent announcement of zero trading fees on bitcoin and ether pairs. Its market cap currently stands at US$890mln.

Global crypto market cap currently stands at US$909bn, with total value locked across  all DeFi protocols at US$53.35bn.



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