Home Latest Total crypto market cap gains $400B as DeFi tokens lead the recovery

Total crypto market cap gains $400B as DeFi tokens lead the recovery

288
0

Altcoins and DeFi tokens have come back to life as Bitcoin returned to the $ 38,000 level. Moreover, even during the fall of Bitcoin and a number of major altcoins, on the contrary, some of the DeFi project tokens increased significantly in value. Several decentralized platform tokens have grown in value at once.

Thus, the Staks project token (STX) rose in price by 10.33% over a 24-hour period to $ 1.10, and the daily trading volume reached a record $ 50.7 million (+ 278%).

Helium IoT decentralized network token climbed 35.27% in price over the week. At the time of this writing, the token was trading at $ 14.44. At the same time, the daily trading volume of the coin increased by 100% and exceeded $ 37 million.

The token of the Greek project XeniosCoin, which is a digital currency created taking into account the PoS / PoW algorithm, and serves as a means of payment and an investment asset, also rose in price. Over the past seven days, the value of this digital asset has increased by 16.67% to $ 1.54. At the same time, its market capitalization exceeded $ 117.2 million, and the trading volume approached $ 1 million.

Also at the forefront of the comeback are the Maker (MKR), which rose 91% overnight and is trading above $ 4,000. Yearn.Finance (YFI) lending protocol token is up over 76% and is now trading around the $ 48,000 level. In addition, UNI, the symbol of the leading decentralized exchange by volume, Uniswap, grew 54%.

So, the growth of DeFi tokens has increased the total cryptocurrency market capitalization by almost 400 billion dollars, which now stands at 1.615 trillion dollars, while the level of dominance of Bitcoin is currently 44%.

Why are DeFi tokens growing so fast?

DeFi tokens, like most altcoins, have a lower market cap, have lower liquidity, and therefore have higher volatility. There was a sharp decline last week when these asset types were hit harder than cryptocurrencies like Bitcoin and Ether. But as everything seems to be recovering, lower liquidity leads to a faster price increase.

Bitcoin has begun to recover, but for how long?

After a huge fall, the crypto market is starting to recover.

At the time of this writing, the main cryptocurrency of the world, Bitcoin, was trading at around $ 38,000, and the price of ETH rose above $ 2,200.

Bitcoin has experienced one of the largest corrections in its history, with the sell-off heavily influencing inbound and outbound bitcoin transactions on digital asset exchanges. According to CryptoQuant, BTC inflows and outflows on exchanges have plummeted over the past few days. This trend coincided with the fall in the Bitcoin rate. The number of bitcoin addresses that added to the wallets of cryptocurrency exchanges dropped to 25 thousand. This is the lowest value since the beginning of this year. The daily maximum was recorded a week ago at 96 thousand transactions. Then Bitcoin was trading above $ 46,000.

Previous articleCardano sees largest weekly inflows from institutional managers
Next article‘I’d rather Bitcoin over bonds’: Billionaire investor Ray Dalio