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DeFi Cryptocurrencies Refuse To Take A Backseat Amid GameStop Mania, Hit All-Time High

January 27, 2021 9:06 pm
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DeFi Cryptocurrencies Refuse To Take A Backseat Amid GameStop Mania, Hit All-Time High

Two decentralized finance, or DeFi, related cryptocurrencies hit an all-time high on Wednesday.

Uniswap (UNI) hit an all-time high of $15.5 in the day and traded at $15.15 at press time. 

Aave (AAVE) hit an all-time high of $296.84 and traded at $282.50 at press time.

The surge comes even as Bitcoin (BTC), Ethereum (ETH), and other top cryptocurrencies — in terms of market capitalization — remain muted, with the Reddit-fueled rally in stocks like GameStop Corp. (NYSE:GME), AMC Entertainment Inc. (NYSE:AMC) in focus.

Bitcoin traded 2.3% lower at $31,099.26 at press time, while Ethereum was down 1.75% at $1,280.20.

Uniswap is up 16% against Bitcoin in the 24-hour trailing period while Aave is up 6.4%.

The two DeFi platforms have a total locked value of $3.02 billion and $3.62 billion, respectively, as per data from DeFi pulse.

Besides the higher amount of cash flowing into the DeFi projects, UniSwap is also seeing a surge in trading volume on its platform. There is also significant excitement in the community surrounding the UniSwap v3.0 rollout, Cointelegraph noted earlier.

SkyBridge Capital’s Anthony Scaramucci said Tuesday he saw the GameStop rally as a positive backdrop for decentralized finance and democratization of the money management business that should ultimately fuel Bitcoin.

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

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