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DeFi Cryptocurrencies Continue To Surge Despite Bitcoin Slump — Here's Why

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DeFi Cryptocurrencies Continue To Surge Despite Bitcoin Slump — Here's Why

Even as the overall cryptocurrency market, led by Bitcoin (BTC), tread in bearish territory, decentralized finance (DeFi)-based digital assets are continuing to hit record highs.

What Happened: Market trends indicate that money is flowing back into DeFi after the pause in the Bitcoin rally, as the cryptocurrency traded from above $41,000 to early $30,000 levels. 

According to data from DeFi pulse, the total locked volume (TLV) in all DeFi projects continue to soar to new heights, having hit $25.6 billion as of press time.

The amount of Bitcoin locked in DeFi projects has also increased to 43,736 BTC, as per DeFi Pulse. The Block Crypto reported Tuesday that there is a renewed interest in both yield farming and trading of DeFi coins. 

DeFi projects rose to prominence late last year, and it isn’t uncommon for “altcoins,” as cryptocurrencies besides Bitcoin are called, to find ground with a pause in the Bitcoin rally. Such a pattern is a repeat of the 2017-18 rally.

Ethereum (ETH) also hit an all-time high earlier this month.

Price Action: Here’s how the leading DeFi coins traded at press time: 

Uniswap (UNI) traded 9.8% higher at $13.92. 

Aave (AAVE) surged 3.4% to $274.54, while Synthetix (SNX) was up 2.7% at $16.29. 

Maker (MKR) was down slightly at $1,397.17. Compound (COMP) traded 1.8% higher at $227.43. 

SushiSwap (SUSHI) was down 3.4% at $7.68. Yearn.Finance (YFI) traded 1.8% lower at $29,152.60.

Among major cryptocurrencies, Bitcoin traded 0.7% lower at $31,859.75 and Ethereum (ETH) traded 1.8% lower at $1,315.72.

Read Next: Why This Analyst Can See Ethereum Skyrocketing To $10,500

 

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