In the past two days Bitcoin price traded in the $ 14,800 to $ 15,500 range, but the highest value digital asset struggled to change the range of $ 15,500 as support.
That is a positive aspect BTC continues to hit higher lows and at the time of going to press, the price is trying to outperform But it still faces resistance in the $ 15,500 area.
While the price of BTC has been going up and down, Altcoins and DeFi tokens took advantage of the consolidation phase and became bullish.
DeFi has a day
– Messari (@MessariCrypto) November 10, 2020
As Messari today in a Tweet, DeFi tokens such as Yearn Finance (YFI), AAVE, Balancer and UNI are all above the double-digit range. Most notably, YFI is up around 160% after bottoming at $ 7,444 on November 5, and for the past two days, AAVE has risen a little more as the token rose 175% from $ 25.87 to $ 70.91.
Aside from these tokens, a handful of tokens with a smaller cap also make profits on decentralized exchanges.Data from Dune Analytics suggests that investors are once again more active in the DeFi space.
As the DEX exchange volume increases, so does the number of daily active usersand today the sector hit a new record when DeFi Pulse said the total value of DEX platforms rose to $ 12.87 billion.
Though it’s probably too early to ask about an off-season, Ether (ETH) has turned bullish again and in the past 3 hours the altcoin broke its pennant structure and rose to USD 466.60.
Analysts have also noted this The ETH / BTC pair has broken its downtrend and is currently rising towards the Sats resistance at 0.32323.
Historically, altcoins have tended to rebound when the price of bitcoin trades sideways and strengthens Ether fundamentals could be a sign of DeFi, and altcoins may be on the verge of a trend reversal.
In the short term, traders will be watching to see if BTC can convert the support level of $ 15,500 to $ 16,000.with the likelihood that this will propel some bullish altcoins. If the price of BTC trades sideways in the next few days, There could be another surge of important DeFi tokens and a handful of altcoins.