![]() ![]() ![]() Among the tokens that benefited from this rally include Synthetix Network Token (SNX), Uniswap (UNI), Aave (AAVE), and most recently Yearn.finance (YFI).” After Ethereum surged past $1,000, DeFi tokens started to gap higher, moving past resistance levels with ease. “This rally had a strong effect on the decentralized finance market. It added that ETH “moved from $800 to $1,100 in the span of 24 hours,” according to OKCoin market data. This past weekend, Ethereum “underwent a decisive surge” past the key $1,000 mark and is currently trading at over $1,300 at the time of writing (getting closer to its high of around $1,420), the report confirmed. It also mentioned that on Tuesday morning (January 5, 2021), the Yearn.Finance (YFI) token surged 50% due to “strong fundamental news.” DeFi, in general, also gained “fundamental strength this past week with the total value locked in this space rising to $20 billion and beyond,” the report noted. Crypto tokens like the Synthetix Network Token (SNX) reached new all-time highs against the US dollar, the report added. Builders in the crypto space were unfazed by the malaise in DeFi price action throughout October, November, and December.”ĭeFi tokens have surged recently, especially after Ethereum surpassed the critical $1,000 resistance level, the report confirmed. This re-rating in the decentralized finance space comes as the fundamentals of the have continued to improve. Many DeFi tokens are moving toward all-time highs, or in some cases, are even setting all-time highs far above those seen in the summer. “DeFi appears to be back in vogue after ETH’s breakout past $1,000. As noted by OKCoin, this corresponded with “a strong rally in many Ethereum-based altcoins, which trade against Ethereum on decentralized exchange platforms.” After Bitcoin (BTC) reached $34,000 this last weekend, then pulled back a bit to consolidate, Ethereum began surging higher. They confirmed that during this past week, these speculative DeFi tokens began to rise. ![]() “On many days throughout December 2020, top DeFi coins such as Compound’s COMP and Yearn.finance’s YFI were in many cases down against both Bitcoin and the U.S. ![]()
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