The 2017-era coins like IOTA and XRP surged by 25% during the wide crypto market bull run. The DeFi coins like YFI and AAVe were on the sidelines for the past day as ETH surged higher along with the other altcoins so let’s read more in today’s Crypto news.
The crypto market data shows that the top-performing crypto assets in the top 100 by market cap were all 2017-era coins that rallied in the previous bull market but have all seen a muted price action since. XRP increased by 35% over the past 24hours which made it the best performing crypto asset in the top 100 by market cap but coins like IOTA, VeChain, Stellar, Huobi, and Dogecoin gained more than 20 percent in the past day.
What’s even more interesting is that most of these top performers’ coins have nothing to do with Defi and are all coins that could define “dead” or coins that are on their way out. the past few weeks were marked with absurd rallies in DeFi coins with names like SNX and YFI rallying thousands of percent from their October or November lows. Trader Hsaka commented on the ongoing crypto market rally:
“First day in a long while where the dinosaurs have outperformed DeFi bluechips. Guess there’s a lot of catching up imminent.”
The rally represented the first day that these altcoins outperformed Bitcoin and ethereum in 2017 as DeFi coins are doing now. it’s unclear if this will continue at this time but many see this as the time of retail buyers entering the market. Analysts think that there will be a repricing towards the Defi coins which continue to increase in the face of sometimes mixed price actions. Eric Conner, podcaster and developer explained the argument when he noted that there is about nine times the amount of capital in the “zombie chains” with little on-chain activity compared to the DeFi coins:
“Zombie chains and DeFi protocols still need a massive relative repricing. Combined MC of XRP, BCH, LTC, DOT, BNB, ADA: $33bn. Combined MC of UNI, AAVE, SNX, YFI, MKR, COMP: $4bn Right…”
There’s no guarantee that the market will be rational in the near-term especially as the DeFi coins remained inaccessible both in terms of availability and their intrinsic value.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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