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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Top DeFi Coins Crater 15% Despite Bitcoin Passing $12,000

Nick Chong
Nick Chong
1 year ago
2 mins read
bitcoin price

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It’s been a tough past few days for the DeFi market. Top decentralized finance coins have surprised most of their holders, actually dumping despite a relatively strong performance by Bitcoin.

In the past three days, BTC has gained over 5%, surging from $11,300 to $12,000 at the recent highs. Altcoins are not partaking in strong BTC price action for the first time in many months, suggesting to some commentators that a shift has taken place in how crypto investors allocate capital.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

DeFi Coins Crash as Bitcoin Inches Higher

Bitcoin surged higher on Monday and Tuesday after consolidating in the low-$11,000s. The coin hit $12,000 on Tuesday morning as this outlet reported.

DeFi

Chart of bTC's price action voer the past few weeks. Source: BTCUSD from TradingView.com

Unfortunately for bulls, the coin has yet to hold above $12,000 decisively. $12,000 has long been an important resistance level for Bitcoin, having acted as the top of multiple rallies such as the one in the summer and the 2019 rally, which actually topped on a weekly basis around $11,500.

DeFi coins have not done as well as BTC over recent days. The DeFi perpetual future on FTX has dropped 20% in the past week, with Yearn.finance (YFI), Ren’s REN, Synthetix Network Token (SNX), and Compound (COMP).

DeFi coins are some of the worst performers in the crypto space. Even cryptocurrencies that arguably have little use cases have only dropped a few percent in the past few days while DeFi has plunged lower.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

DeFi Fundamentals Strong

The fundamentals of this space remain strong despite the weak price action.

The number of active MetaMask users recently passed one million largely due to DeFi. As NewsBTC reported previously:

“Additionally, over the last twelve months, significant growth in the adoption of DAOs, Web3 games and the rapid consumer uptake of DeFi products and services has further accelerated our growth curve. It’s not just the ability to buy and store Eth that’s powering our new phase of growth. When you think about it, people don’t really want a wallet. They want to invest, sell, lend, borrow. They want to use sites like Uniswap, Yearn, Curve, Maker and Aave to get that job done. MetaMask is simply the connective tissue.”

Adding to this, on-chain trends show a strong increase in DeFi users.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Top DeFi Coins Crater 15% Despite Bitcoin Passing $12,000
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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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