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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Top DeFi Coins Boom 5-20% As Ethereum Roars Higher, Fundamentals Strong

Nick Chong
Nick Chong
1 year ago
2 mins read

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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Ethereum has undergone a strong surge in the past 24 hours as buyers have stepped back into the crypto market. In the past day alone, ETH has gained 5%, as it currently trades at $368. For context, Bitcoin is only up around 1.5%.

The buying was seemingly triggered by the ending of a seeming capitulation in the altcoin market on Tuesday and Wednesday, coupled with news of ongoing stimulus discussions. The stimulus discussions seemingly drove the value of the U.S. dollar lower, driving alternative cryptocurrencies higher.

Defi coins have performed extremely well over the past 24 hours to 48 hours. Most coins pertaining to the space are up 5-20% in the past 24 hours.

Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch

Ethereum Roars Higher, Forcing Defi to the Upside

Ethereum’s strong move to the upside on Friday triggered a sea of green for the DeFi market.

According to CoinGecko, leading DeFi coins have gained 5-20% over the past 24 hours. Band Protocol (BAND), Nexus Mutual (NXM), and Yearn.finance (YFI) are among the many DeFi coins that are part of this pack surging higher.

Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase

A series of Ethereum-based coins are surging by different amounts for different reasons.

Band Protocol is up around 15% in the past 24 hours seemingly related to Binance Launchpad’s yield farming opportunities for a new token called ALPHA. Users can deposit their BAND and earn ALPHA over time.

Yearn.finance has gained over 10% in the past 24 hours as Andre Cronje, founder of the project, confirmed that he is still working on the project. The Ethereum-based YFI is also rallying after a number of large short holders closed their positions. The closure of these shorts forced the price higher as confidence returned to the market.

Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase
Featured Image from Shutterstock
Price tags: ehth, ethbtc 
Charts from TradingView.com
Top DeFi Coins Boom 5-20% As Ethereum Roars Higher, Fundamentals Strong
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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