Bitcoin And DeFi Coins Rally, Ethereum Alternatives Drop

CHART: BTC in Recovery Mode; Resistance at $48K-$50K

The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets September 15, 2021 Sponsored by     Bitcoin (BTC) +3.4%  $47,621 Ether (ETH)  +2.4%  $3,425 (Price data as of September 15 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Bitcoin And DeFi Coins Rally, Ethereum Alternatives Drop as Solana's Outage Triggers Sector Rotation Solana and Arbitrum's outage was bad optics for Ethereum alternatives in general. Technician's Take: Bitcoin in Recovery Mode; Resistance at $48K-$50K   And check out the CoinDesk TV show "First Mover," hosted by Christine Lee at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Sean Ford, Algorand Wes Fulford, Viridi Funds David Mercer, LMAX Group – Lawrence Lewitinn Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Gainers: Aave (AAVE): +14.2% Chainlink (LINK): +13.7% Filecoin (FIL): +8.5% Uniswap (UNI): +7.6% Polygon (MATIC): +5.1% Losers: Algorand (ALGO): -5.4% Polkadot (DOT): -0.1% The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges. A message from ByBit $600 Welcome Rewards Plus 0% Maker Fees When You Trade Spot! We know: you love a good deal — so do we. That's why we're offering $600 worth of rewards to all of our new users when they make a first-time deposit, perform a trade, and more! And the cherry on top: Zero maker fees when you trade spot. Next level trading, only on Bybit. Market Moves by Omkar Godbole Bitcoin And DeFi Coins Rally, Ethereum Alternatives Drop as Solana's Outage Triggers Sector Rotation The crypto market is witnessing a classic sector rotation in the wake of programmable blockchain Solana's outage.   For the first time in several weeks, decentralized finance (DeFi) giants like UNI, AAVE, chainlink are leading bitcoin and the broader market higher with double-digit percentage gains on a 24-hour basis. Meanwhile, native tokens of the so-called Ethereum alternatives like Solana, Avalanche, Cosmos, Algorand are nursing 5-7% losses, per data source Messari. CoinDesk DeFi Index (DFX), Sept. 12 - 15, 2021 (Source: TradeBlock) "After the phenomenal rally of solana and being discovered by many people as a strong contender to long-term rival for Ethereum due to its cheap gas fee and smart contracts protocols it's time for a reset and bitcoin has regained focus," Laurent Ksiss, managing director of exchange-traded products at 21Shares, told CoinDesk in a Telegram chat. "It's clear that Solana's technical glitches on Monday caught many by surprise and, as a result, may have tainted its rally and premise."   "Solana and Arbitrum's outage was bad optics for Ethereum alternatives in general," crypto research firm Jarvis Labs said. "What we are seeing now in the market is the rotation of money between ecosystems."   On Tuesday, Solana's high-speed blockchain suffered downtime as "resource exhaustion" on the network brought blockchain validation to an hours-long halt. As such, activity across Solana's multibillion-dollar DeFi and non-fungible tokens ecosystem came to a grinding halt.   Recently launched Arbitrum, which scales Ethereum by leveraging Optimistic rollups technology to increase transaction speed and lower fees, was also knocked offline. These events drew the ire of the crypto industry bigwigs.   "Events of today in crypto just go to show that genuine decentralization and well-designed security [like Ethereum] make a far more valuable proposition than some big transaction throughput [speed] numbers coming from an exclusive and closed set of servers," Gavin Wood, computer scientist and founder of Founded Polkadot, Kusama, Ethereum, Parity, Web3 Foundation, tweeted Tuesday." If you can't run a full-node yourself, then it's just another bank."   Solana's SOL token chalked up more than a four-fold rally to over $200 in the three weeks to Sept. 9 as the NFT boom and high transaction fees on Ethereum drove investors to relatively cheaper and faster alternatives. Native tokens of Cosmos, Avalanche and Cardano also charted impressive rallies during that time frame, while ether remained flatlined near $3,400.   At press time, SOL is trading near $165, while bitcoin and ether are changing hands near $47,000 and $3,400, respectively.   Bitcoin printed a UTC close above the crucial 200-day moving average on Tuesday as the dollar dropped after a softer U.S. core consumer price index for August eased concerns that the Federal Reserve may speed up plans to unwind liquidity-boosting stimulus program.   "Investors are refocusing on the main cryptocurrencies. Support for bitcoin remains strong again and is cyclical and we may see breakthrough above key levels," 21Shares' Laurent Ksiss added. "Solana's performance has been overwhelming last month and this drawback could see further depreciation as the market resets and focuses on what the consequences are to its glitches." Read the original story here: Bitcoin And DeFi Coins Rally, Ethereum Alternatives Drop as Solana's Outage Triggers Sector Rotation Technician's Take by Damanick Dantes, CMT Bitcoin in Recovery Mode; Resistance at $48K-$50K Bitcoin (BTC) is recovering after a volatile sell-off last week and is up about 3% over the past 24 hours. The cryptocurrency faces resistance around the $48,000 to $50,000 price range, which could limit upside moves over the short-term.   Buyers continue to defend the 200-day moving average around $45,000 as downside momentum wanes. Bitcoin four-hour chart. (TradingView, CoinDesk) The relative strength index (RSI) on the four-hour chart is approaching overbought levels similar to last week, which preceded a sell-off. However, the RSI is rising from neutral levels on the daily chart, which could keep buyers active towards the $50,000 resistance level.   Read the original story here: Bitcoin in Recovery Mode; Resistance at $48K-$50K A Message from ErisX Want crypto in your IRA? ErisX works with IRA custodians and administrators to expand IRA holders' investment and trading options to include cryptocurrencies and stablecoin products. We invite you to watch a video about crypto investing for self-directed IRAs. Our process is fast, simple and takes less than 5 business days.   Open an account, refer a friend and you are both rewarded $50 after they make their first trade. BOLO Be on the lookout for the following events today: ALL DAY: Blockworks Digital Asset Summit. Speakers list ALL DAY: SALT Conference (Sept. 13 - 15) in New York. Speakers list ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   Are Stablecoins Really Stable? What to Expect From SEC Chair Gensler's Testimony on Regulating Crypto "First Mover" host Christine Lee brings you special coverage of the SALT Conference 2021 live from the Javits Center in New York. Circle Co-Founder, Chairman and CEO Jeremy Allaire sheds light on the stability concerns around stablecoins. Former Acting Comptroller of the Currency Brian Brooks shares insights into crypto regulations. Solana Labs CEO Anatoly Yakovenko discusses the factors driving SOL's skyrocketing popularity. Plus, markets analysis from iCapital Network Managing Director & Chief Investment Strategist Anastasia Amoroso. A Message from CoinDesk Our Bitcoin for Advisors 2021 event is now fully virtual. Join from anywhere on Oct. 6 to connect with over 300 investment advisors and learn how bitcoin, ethereum and other digital assets can successfully impact your clients' portfolios. Apply today. Latest Headlines   Solana Validators Plan Network 'Restart' as Outage Continues Developers have decided to restart the network after over seven hours of downtime. Bitwise Joins Hunt for Bitcoin ETF Approval With Futures Product Filing The asset manager is teaming up with ETF Series Solutions in its bid to get a U.S. bitcoin ETF over the finish line. Fidelity Prodded SEC to Approve Bitcoin ETF in Private Meeting The firm pushed the agency, citing increased investor interest and a growing number of bitcoin holders. Christie's Lists Rare CryptoPunk, Bored Ape in Major NFT Auction Demand for NFT-style avatars is driving collector interest, says Christie's. Solana Mainnet Back Online After Day in the Dark Engineers succeeded in restoring service across Solana's network of node-runners after nearly 20 hours in the dark. A16z-Backed TrustToken Acquires EthWorks Following the purchase, TrustToken plans to expand EthWorks' open-source projects, including Waffle and useDApp. Morgan Stanley Taps Longtime FX Expert To Lead Crypto Research Team: Report Sheena Shah was most recently lead currency strategist covering global G10 FX. HBAR Token Hits Record High as IIT Madras Joins Hedera's Governing Council A recent study showed Hedera has lower energy consumption than Algorand, Cardano, Ethereum 2.0, Polkadot, Tezos. Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.  First Mover A newsletter from CoinDesk Copyright © 2021 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA You can manage your preferences here or unsubscribe from all CoinDesk email.