DeFi coins skyrocket as of late, with the crypto market recovering and recording strong gains by coins in the decentralized finance space so let’s read more in today’s cryptocurrency news.
Most Defi coins skyrocket as they performed the best but in a day of profit for all that concludes a week of massive bleedings, it’s hard to say that any coin was the worst performer. Tezos for example, fell by 3% today. But let’s focus on the gains. Over the past 24hours, bitcoin’s price increased by 1.6%, Ethereum’s by 7.76%, Polkadot by 0.76%. AAve increased by 20.88% to about $238, Synthetix increased by 12.99% to $16.08, Uniswap increased by 18.2% to $10.55 and Sushiswap increased by 13.84% to about $7.93.
Chainlink is marked as yesterday’s winner and hit a new all-time high of $25 but then dropped to $23.98. LINK increased by 0.63% in the past 24hours since the cryptocurrency powers a decentralized oracle network. Altcoins are more volatile than the rest of the market because of their small market cap. Because their fate is closely tied to ETH, the platform which houses the smart contracts and BTC as well, the biggest cryptocurrency by market cap can sway the entire market.
Bitcoin had a horrible week and the coin’s price hit new lows of $28,900 which was its lowest price point since January 4th. The trouble came from a debunked myth about the double-spending glitch where it was believed that BTC was spent twice. This spooked the market and caused the software company NexTech AR solutions to sell of its 130 BTC.
As recently reported, Bitcoin’s bloody weekend continued with the dramatic price drop as the primary cryptocurrency dropped below $35,000 for the second time in 3 days. Remarkable gains for ADA were made and another one for Polkadot as altcoins are on the rise with Bitcoin’s dominance crashing to 66%. A few days after the Monday crash when BTC bottomed to about $30K, the cryptocurrency managed to recover most of the losses and tried to hit the $40,000 price level again. Bitcoin’s price opened the weekend trapped in the $33,500 region and the $32,000 range as well but at the time of writing, the digital asset is having a hard time holding above $32,000. This suggests that the institutions are buoyed by rising investor sentiment and the new proposal for a Bitcoin ETF.
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