DeFi News: Double-digit gains were seen among DeFi coins, including UNI, Aave, SNX, and COMP, as Bitcoin added $2,000 in the last 24 hours.

 

 

After a drop of around $33,000, Bitcoin has recovered and once again put $35,000 on its radar. In particular, alternative cryptocurrencies, some of which are linked to the DeFi sector, have seen more significant gains, with Uniswap rising 11% and Aave and Compound jumping more than 20%.

DeFi coins are rising by double digits

After minor losses were recouped yesterday, most of the altcoin space is in the green today. Ethereum slumped below $2,300, but a 3% increase put the asset well above that level.

Binance Coin has seen even more significant gains after a 6% jump. As a result, BNB reclaimed the $300 band and moved closer to $320, its highest price line since June 18.

Cardano (2%), Polkadot (3%), Bitcoin Cash (1.5%), Litecoin (1.5%) and Solana (1%) were in green, while Ripple and Dogecoin stalled on a 24-hour scale.

Uniswap is up 11% the most from the larger altcoins. As a result, UNI climbed above $22. Interestingly, DeFi-related altcoins have also performed well since yesterday.

PancakeSwap copied UNI’s boost and is currently over $15. Aave and Compound were up 21% to $333 and $515 respectively. This came shortly after Aave announced its plans to launch DeFi services for enterprises.

Cryptocurrency Market Overview. Source: Quantify Crypto

However, KuCoin Token recorded the most increase in one day, increasing 42% to $11. More DeFi coins follow, including Synthetix (35%), SushiSwap (19%), THORChain (16%), Curve DAO Token (12%), Elrond (12%), and Avalanche (12%).

The cumulative market cap has recovered a little in one day and is close to a $1.5 trillion challenge.

Bitcoin tries to close the gap

The top coin also dropped just under $33,000 yesterday. This comes shortly after hitting a four-day high of $36,000 over the weekend.

However, the bulls regained control after the most recent decline and pushed the asset north again. As a result, Bitcoin has almost reclaimed $2,000 and is close to breaking above $35,000 once again.

Its market cap remains around $650 billion, but its dominance over altcoins has suffered. The measurement has dropped below 45% as most alternative cryptocurrencies have outperformed BTC in the past 24 hours. Just for reference, BTC dominance was over 46% a few days ago.

A popular crypto analyst previously argued that despite rising 2% on the day, the asset’s failure to hit a new high for almost three months marks the end of the bull market.

LEAVE A REPLY

Please enter your comment!
Please enter your name here