The DeFi growth is explosive as coins like Aave, Uniswap, and more are surging alongside the growth of NFTs but the other markets are flat or in the red. In our latest cryptocurrency news, we are reading more about the analysis.
Ethereum, Bitcoin, and other projects are down in the past 24hours and so Defi projects continue surging while the stock markets enter the red territories amidst the rumors that the FED will reduce its quantitative easing. The incumbents in the top 20 cryptocurrencies by market cap, continued dropping but the DeFi growth is explosive according to the price performances of these coins.
Bitcoin, Tether, Polkadot, Ripple, Cardano, and Ethereum had the second day of losses. The biggest loser was Polkadot as it dropped by 5.5%. Bitcoin cash lost 4.5% of its value while Chainlink got down by 3.6%. For Defi projects, however, it was a different story as Uniswap was growing the entire week, gaining 10.1% in the past 24hours. Aave was on a tear as well as it added 5.3% in the past day, taking it to the 16th overall. Synthetix which is a decentralized payment network increased by 9.5% helping it to break into the top 20 cryptocurrencies.
The performance of the DeFi projects helped push ETH‘s value to a new high but these projects are still having a positive effect despite ETH going down by 0.8% according to Nomics. Another positive effect on the ETH price is the continued boom in NFTs. Dapper Labs’s NBA top Shot collectibles hut the 1 number spot in sales volume for the first time ever but the company also said that Cryptokitties hit $31 million in sales as well.
The NFT collectible market sold about $100 million worth of collectibles with the top 5 collectibles seeing 50% growth over the past week. The investors that are waiting for a bull run are now enjoying the market sentiment. The markets turned red amid FED fears of pulling back on quantitative easing. The DOW and S&P500 all closed trading a day ago and they closed in the red because of the many concerns that the FED will pull back on its aggressive asset-buying program. The FED is about to give a statement this week which the investors are waiting patiently for and await for federal support that could cause a chain reaction that will see the markets drop.
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