Bitcoin

DeFi tokens are seeing triple-digit gains as Bitcoin price seeks support

Since hitting $ 18,476 on November 17, Bitcoin’s price has been flirting with the $ 18,000 level as the bulls struggle to convert the level into support and pursue the all-time high of $ 19,789.

While this battle is taking place and most cryptocurrencies and mainstream financial media are turning their attention to the price of Bitcoin, A number of not-so-popular crypto assets bring big returns for investors.

DeFi Asset Index. Source: Messari

As Messari’s DeFi Asset Index shows, many of the top tokens are seeing significant double-digit gains.

DeFi tokens are seeing triple-digit gains as Bitcoin price seeks support
DeFi tokens are seeing triple-digit gains as Bitcoin price seeks support

In the last 7 days AAVE bounced back from its double bottom, rising 214%. Currently, AAVE is trading slightly above $ 80.

Day traders (buy and sell on the same day) are likely to play control of support / resistance within the rising channel pattern. As of this writing, trading volume, convergence / divergence moving average, and AAVE’s relative strength index still reflect a healthy bull interest.

AAVE / USDT. Source: TradingView

Even Curve Finance’s CRV governance token, one that many cryptocurrency investors have described as completely backward achieved a clean raised floor investment, increasing 176% to $ 0.84.

CRV / USDT. Source: TradingView

After being cut to near death by the likes of Sam Bankman-Fried and other professional traders, that was a sign of Yearn Finance (YFI) is also causing a stir with an increase of 83.5% in the last week.

YFI / USDT. Source: TradingView

November 18th The YFI price was at the Fibonacci level of 50% ($ 25,500) and the bulls were trying to convert the level into support. It has done so in the past few hours and the price broke the visible volume profile area (VPVR) to hit a new daily high of $ 29,850.

Unsurprisingly, YFI clones like it DFI. Money (YFII) and YF Link (YFL) also followed with 58% and 49% respectively.

SushiSwap has switched places with Uniswap

The governance sign of SushiSwap (SUSHI) It also caught investor attention after losing more than 95% of its value in September Chef Nomi, the head of development, has launched around $ 13 million in SUSHI.

SUSHI / USDT. Source: TradingView

As Cointelegraph reported this week marked the end of Uniswap’s liquidity pool rewards and competing exchanges like SushiSwap, 1inch and Bancor have increased the percentage of annual return on the premiums offered on their assets to attract former Uniswap liquidity providers.

Total blocked value (in USD) at SushiSwap. Source: DeFi Pulse

Actually, This week, Uniswap saw its total locked value decrease by $ 1.3 billion (57.5%) as users searched for greener pastures on other DeFi platforms. When this happened SushiSwap saw a gain of over 300% and for the past week the token rose 127% to trade at $ 1.63.

Overall, most DeFi tokens are currently in the black, and data from Digital Assets Data and DeFi Pulse show an increase in daily active users, Total Value Locked (TVL) across all platforms, and daily transaction volume. .

Total value locked on DeFi platforms. Source: Digital Assets Data

A similar price movement can also be observed for many altcoins. As Bitcoin consolidates and tries to convert $ 18,000 into support, traders have again opted for DeFi tokens and altcoins.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move is associated with risks. You must do your own research when making a decision.

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