As Bitcoin, Ethereum Trade Muted, DeFi Tokens Steal Spotlight — One Crypto Rallies 10%

Amid mixed market moves, decentralized finance tokens posted heavy gains even as Bitcoin BTC/USDEthereum ETH/USD showed no signs of major gains or losses, in the last 24 hours.

What Happened: DeFi token Balancer BAL/USD was up by 10%, Mdex MDX/USD spiked by 7%, and Just token JST/USD gained at least 4% over the past 24 hours, according to CoinMarketCap data.


This comes as BTC, the largest cryptocurrency by market capitalization, hovered around the $19,000 mark, declining over 1.23% as the global cryptocurrency market cap dropped 1.6%. Ethereum, the second-largest coin by market value, followed a similar trajectory, down 1.96% at $1280 as of press time. 

Why It Matters: According to CoinMarketCap, the leading DeFi token Uniswap UNI/USD rose 0.18% in the past 24 hours and 10.49% in the last seven days. Aave AAVE/USD spiked 18% and Maker MKR/USD was up 15% in the last seven days, at the time of writing.

Total value locked, a metric for measuring how much money is held in various protocols across DeFi, on Ethereum has declined by 1.92% to $30.25 billion over the past 24 hours, as per data from DefiLlama

Read Next: Bitcoin, Ethereum Lose Key Levels, Dogecoin Drops: Analyst Says 'Be Careful Out There'

Illustration by Voar CC on Shutterstock

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