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DeFi Cryptocurrencies Hit Record Highs In Tandem With Ethereum

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DeFi Cryptocurrencies Hit Record Highs In Tandem With Ethereum

Several decentralized finance (DeFi)-based cryptocurrencies hit their all-time highs late Sunday in tandem with Ethereum (ETH) rally.

Aave (AAVE) hit an all-time high of $291.60 at press time, up 13.8% over 24 hours. The DeFi coin has registered a surge of 259.8% over a period of one month against the U.S. dollar, according to data from Messari.

Aave has a total locked volume of $3.88 billion at press time, according to data from DeFi Pulse.

See also: How to Buy Ethereum (ETH)

SushiSwap (SUSHI) also hit an all-time high of $9.78 on Sunday and is up 12.5% over 24-hours to press time at $8.58. The cryptocurrency has surged 265% against the U.S. dollar over a month.

Uniswap (UNI), of which SushiSwap is a fork, traded 21.7% higher at $12.29 at press time. It hit an all-time high of $12.91 earlier in the day.

Curve DAO Token (CRV) traded 6.7% higher at $2.2. It had hit an all-time high of $5.5 on Jan. 9.

Yearn.Finance (YFI) is down 0.8% at press time, bucking the overall DeFi trend, at $31,734.48. It hit an all-time high of $43,964.63 in September last year.

Why It Matters: Decentralized finance projects enable the use of blockchain technology in aspects of finance beyond currencies. The DeFi projects have been seeing increased interest since last year, and have surged amid the latest pause in the Bitcoin (BTC) rally.

DeFi projects have hit a total locked value of $26.56 billion, according to Defi Pulse.

Ethereum (ETH), the blockchain platform primarily associated with DeFi projects, hit an all-time high of $1,477.47, also on Sunday.

Bitcoin traded 1.9% higher at $33,527.04 at press time.

Read Next: Why This Analyst Is Cautioning Bitcoin Investors To Have A 'Very Strong Stomach' Amid Plunge

 

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