• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news DeFi

Economist: DeFi Altcoins Have Bottomed as Bitcoin Reverses Downtrend

Cole Petersen by Cole Petersen
5 months ago
in DeFi
Reading Time: 2min read
Bitcoin DeFI
Advertisement

The DeFi sector has been facing immense selling pressure in recent weeks, with the price declines seen by both Bitcoin and Ethereum creating notable headwinds that caused many previously bullish assets to plunge by 50% or more.

Bitcoin’s peak at $12,400 came about just days before the entire market began trending lower, with it still remaining in full control of smaller assets.

That being said, the benchmark cryptocurrency is beginning to reverse its recent downtrend and is pushing towards a crucial resistance level.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

This has allowed most altcoins residing with the DeFi sector to incur some notable momentum, with Yearn.finance rallying 50% from its 24-hour lows, while many smaller coins see similar gains.

One economist is now noting that the recent lows posted by the aggregated DeFi sector may mark a long-term bottom that is followed by serious upside.

Whether or not this possibility is validated in the near-term will likely depend on Bitcoin’s reaction to the selling pressure it will likely face at $11,200.

Bitcoin Continues Guiding Aggregated Market

At the time of writing, Bitcoin is trading up 2% at its current price of $11,080. This marks a notable surge from recent lows of $10,600 that were set prior to news regarding Square’s acquisition of $50m worth of BTC.

This news was significant and created a tailwind that helped lift the altcoin market significantly higher as well.

Smaller tokens – especially those that rallied last month due to the hype surrounding DeFi – were struck hard by the recent turbulence seen by Bitcoin and Ethereum, which caused investors to exit “beta assets” en masse.

If the larger digital assets are able to stabilize, these smaller tokens may soon see some relief.

Economist Claims that the DeFi Bottom May Be In 

While sharing his thoughts on where the DeFi altcoins are in their market cycles, one respected crypto-focused economist stated that he thinks the bottom may be in.

He notes that stocks need to continue seeing upside, and tensions within the YFI community need to be reduced – as this token is now viewed as a benchmark for the sector.

“Feeling confident now that was the DeFi bottom. For that we need: #1 stocks not to go full risk-off mode. #2 Cronje to behave like a grown-up. Bet he’ll come out of his cave within weeks, release a new product, make YFI pop 30-50% in days, and have his sycophants [lick] his boots.”

If Bitcoin stabilizes above $11,000 and both the stock market and Yearn.finance’s YFI governance token remains strong, DeFi tokens could soon catch a second wind.

Featured image from Unsplash.
Pricing data from TradingView.
Tags: btcusdBTCUSDTyfiusdyfiusdt
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Traders Seek Safety in SushiSwap (SUSHI) as Crypto Market Loses $25bn

Traders Seek Safety in SushiSwap (SUSHI) as Crypto Market Loses $25bn

2 weeks ago
KAVA

DeFi Calls for the Apple of Bitcoin

4 weeks ago
COVER

COVER Price Plummets Towards Zero Following Lethal Minting Function Exploit

2 months ago
Analyst: SushiSwap Token Price to Hit $9.00 Eventually as Strength Grows

Analyst: SushiSwap Token Price to Hit $9.00 Eventually as Strength Grows

3 months ago
SUSHI, SUSHIUSD, SUSHIBTC, cryptocurrency

SushiSwap Hits Multi-Week High on High Profile Synergies; What’s Next?

3 months ago
DeFi “Blue-Chips” Lead Sector Rebound as Smaller Tokens Underperform

DeFi “Blue-Chips” Lead Sector Rebound as Smaller Tokens Underperform

3 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Polkadex, DEX Built for Web3, Raises $3m From CMS Holdings, Outlier Ventures, OKEx Capital and More

March 4, 2021

Casino Betting Coin launches $FUN Uniswap pool

March 4, 2021

Silicon Valley-Based Taraxa Wants to Put Every Informal Transaction on the Record, Unveils Details About the Upcoming Public Sale

March 4, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.