Curve’s CRV token erupted 50% higher in one day while the majority of the DeFi coins saw strong rallies as well since the start of this year. In today’s altcoin news, we take a closer look at the price analysis.
The data gathered by Ceteris Paribus, found that since 2021 started, the average Defi cap saw an increase of 75% which includes coins like Aave, Compound, and Sushi. One crypto-asset was kept out of this rally which is Curve’s DAO Token or CRV. The native token of the Curve decentralized exchange was barely in the lows and the narrative was formed that there were yield farmers that are actively farming and dumping CRV so the coin was suppressed for an extended period of time. However, things started changing this week.
According to the market data, CRV ripped in excess of 125% higher in the past week but in the past day alone, Curve’s native ETH-based token rallied by 50%. This makes it quite easier for the top-performing crypto-asset in the top 100 by market cap and CRV also surged to a $300 million circulating market cap and a $6 billion diluted market cap. The rally for the coin came because of the growing fundamental trends.
Curve released plenty of new trading pairs to account for an esoteric asset that needs to be on the market. Users are now able to trade stETH which is the Lido token representing Ethereum staked on ETH2 for ETH Via Curve. The cryptocurrency was illiquid before but other markets included a swap market for Aave’s interest-bearing assets. Curve rolled out a new collaboration with YFI as well which will allow users to deploy trading pools for long-tail assets to allow bigger utility in DeFi.
— George Harrap (@George_harrap) January 17, 2021
Trading volumes on the decentralized exchanges shot higher because of the introduction of new pools with investors wanting to easily trade between assets. CRV’s move higher means that the yield farmers are able to earn more on the platform and now because of it, there is $2.15 billion worth of capital locked in Curve which is far above where it was a few months ago.
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Curve’s CRC token underscored the ongoing re-pricing and reaching a new place in the Defi market as investor George Harrp noted, the coin joined 1Inch and SUSHI as a top decentralized asset which doubled in the past week.
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