DeFi Market Flourishes Amid Crypto Market StandstillCrypto BrowserThe Capital – Medium

By Crypto Browser on The Capital

Cryptocurrency Leaders Showed Little Or No Price Movement, But The DeFi Sector Reached An All-Time High In Terms Of Total Value Locked

The crypto market found itself in a calm consolidation period last week, as the total market capitalization of the crypto sector hardly moved from the $265 billion marks. Despite the subtle ups and downs, most of the top cryptocurrencies recorded little to no price movements, with Bitcoin floating around $9,400 all weekend. The leading cryptocurrency to date found itself in a tight trading corridor, with strong resistance at $9,400 and support in the $9,250 region.

Meanwhile, the volatility index dropped, which made analysts assume that the next big move is on the way. Most of them, however, is reading the volatility drop as a signal for a negative price correction. Interestingly, as of press time Bitcoin is retesting its $9,400 resistance level, which — if it continues, may result in a serious upwards price breakout.

On the other side, despite the crypto market moving sideways, the decentralized finance (DeFi) sector is gaining traction, as it hit an all-time high of $1,47 billion locked in DeFi projects. Also, data shows that 3 million ETH tokens, which is around 2.7% of Ethereum’s total supply are being locked in. The number of locked Bitcoins also made a record at the end of last week surpassing 6,800 BTC.

Source: Defi Pulse

One of the underlying causes for DeFi’s all-time high is the Compound platform, which began its token distribution on the Ethereum-based DeFi ecosystem on 15th June. The Compound platform distributed COMP tokens to users who deposited crypto as collateral or took loans.

In the meantime, Compound’s total market value peaked at $1 billion, making it the first DeFi unicorn in history. The momentum quickly propelled Compound to $325 per token during last weekend and shifted the company to the top of the DeFi rankings with a 37.57% dominance rate.

DeFi holds yet another interesting fact, as the sector now beats the banking world in terms of interest rates on crypto deposits. Also, DeFi possesses additional token reward bonuses for network participants.

https://twitter.com/thecapital_io

https://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/href


DeFi Market Flourishes Amid Crypto Market Standstill was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

By Crypto Browser on The CapitalCryptocurrency Leaders Showed Little Or No Price Movement, But The DeFi Sector Reached An All-Time High In Terms Of Total Value LockedThe crypto market found itself in a calm consolidation period last week, as the total market capitalization of the crypto sector hardly moved from the $265 billion marks. Despite the subtle ups and downs, most of the top cryptocurrencies recorded little to no price movements, with Bitcoin floating around $9,400 all weekend. The leading cryptocurrency to date found itself in a tight trading corridor, with strong resistance at $9,400 and support in the $9,250 region.Meanwhile, the volatility index dropped, which made analysts assume that the next big move is on the way. Most of them, however, is reading the volatility drop as a signal for a negative price correction. Interestingly, as of press time Bitcoin is retesting its $9,400 resistance level, which — if it continues, may result in a serious upwards price breakout.On the other side, despite the crypto market moving sideways, the decentralized finance (DeFi) sector is gaining traction, as it hit an all-time high of $1,47 billion locked in DeFi projects. Also, data shows that 3 million ETH tokens, which is around 2.7% of Ethereum’s total supply are being locked in. The number of locked Bitcoins also made a record at the end of last week surpassing 6,800 BTC.Source: Defi PulseOne of the underlying causes for DeFi’s all-time high is the Compound platform, which began its token distribution on the Ethereum-based DeFi ecosystem on 15th June. The Compound platform distributed COMP tokens to users who deposited crypto as collateral or took loans.In the meantime, Compound’s total market value peaked at $1 billion, making it the first DeFi unicorn in history. The momentum quickly propelled Compound to $325 per token during last weekend and shifted the company to the top of the DeFi rankings with a 37.57% dominance rate.DeFi holds yet another interesting fact, as the sector now beats the banking world in terms of interest rates on crypto deposits. Also, DeFi possesses additional token reward bonuses for network participants.https://twitter.com/thecapital_iohttps://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/hrefDeFi Market Flourishes Amid Crypto Market Standstill was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.Read Moredefi, crypto, decentralization, bitcoin, cryptocurrencyThe Capital – Medium

Advertisements

Leave a Reply