Top DeFi Coins Crater 5-10% Despite $400 Bitcoin Price Jump

Share on facebook
Share on twitter
Share on linkedin
Share on print
Share on email

Bitcoin has soared higher over the past few days. After bottoming at $11,200 late last week after the OKEx news, the cryptocurrency has mounted a comeback.

As of this article’s writing, the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin trades for $11,750, around $400 higher than it was trading just 36 hours ago. The <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin briefly surpassed $11,800 earlier today but was rejected as the U.S. dollar underwent a slight bounce amid stimulus uncertainty. Bitcoin has begun to decouple from traditional markets to some extent, with BTC actually rallying while most other risk-on assets like the S&P 500 have sunk. The cryptocurrency is also outperforming gold.

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

Bitcoin Soars Higher

Bitcoin has soared higher over the past 24 hours as buyers have returned to the market.

The leading cryptocurrency has gained around $300-400 in the past two days, rallying higher as the U.S. dollar continues its descent lower.

Analysts think that this price action is a precursor to a greater move higher. One crypto-asset trader noted that the cryptocurrency is now rubbing up against the crucial resistance of $12,000, which could trigger a move above $13,000. That region has been pivotal for Bitcoin since the 2018 highs and since the 2019 blow-off top.

“Bitcoin is now up against major resistance. High time frame close above $12,000 and $13,000 is on the table IMO. If we want the FULL BULL, BTC will need to fully breach and close above 13K. Retest and flip the gray box to support and up it will go. (stimulus permitting),” he said.

Bitcoin

Image Courtesy of Chase_NL. Source: BTCUSD on TradingView.
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

DeFi Coins Underperform BTC

What’s weird is that this has been a Bitcoin-focused rally. Altcoins are actually down massively on the day, with even Ethereum posting a red day despite the price surge in Bitcoin.

CoinGecko data indicates that leading DeFi coins have dropped 5-10% in the past 24 hours.

Take the example of AAVE, which has dropped 10% in the past 24 hours. Yearn.finance (YFI), too, has dropped 8.5% in the past 24 hours.

It seems that Bitcoin is starting to take the lead once again as macro factors favor growth in a decentralized, scarce, and digital currency.

For one, Fed Chair Jerome Powell commented on Monday morning that the U.S. is still looking into a digital currency. Many see Bitcoin as a valuable alternative to a central bank digital currency.

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 5-10% Despite $400 Bitcoin Price Jump

Via: https://www.newsbtc.com

Leave a Replay