DeFi Coins Boom as Crypto Market Recovers

[Imran232]

The crypto market appears to be recovering, with strongest gains made by coins powering DeFi protocols.


Recovers
The crypto market appears to be recovering, with strongest gains made by coins powering DeFi protocols.
By Tim Hakki
2 min read
Jan 24, 2021
A CRYPTO THAT ISN'T BITCOIN? THAT'S AN ALTCOIN. IMAGE: SHUTTERSTOCK

Hoooorrayyyy!!! Profit for everyone in the crypto market today, which today is a sea of green in these choppiest of choppy waters.

Coins that power decentralized finance protocols performed the best, but in a day of profit for all that concludes a week of heavy casualties, it’s difficult to say that any coin performed the worst. At a push, Tezos, which fell by 3% today.

Let’s focus on the gains—Decrypt is a glass-half-full publication, even if we decline to disclose the frothy, noxious liquid with which we fill that glass. In the past 24 hours, Bitcoin's price rose by 1.6%, Ethereum's by 7.76% and Polkadot by 0.76%.

DeFi coins performed swimmingly. Aave rose by 20.88% to $238.1, Uniswap by 18.2% to $10.55, Synthetix to 12.99% to $16.08 and SushiSwap by 13.84% to $7.93.

Chainlink, yesterday’s winner that hit a new all-time high of $25, slunk down to $23.98 today and increased by just 0.63% in the past 24 hours. Chainlink powers a decentralized oracle network.

Information for source:
https://decrypt.co/55172/defi-coins-boom-as-crypto-market-recovers

[batang_bitcoin]

Do you proof read? IMHO you don't have to include these if you want someone to read an article or you're copy pasting an article.

2 min read
Jan 24, 2021
SHUTTERSTOCK

Even the image of the article, you have included it. You haven't added anything to the article that you have copy pasted. You should at least give your own thought what can you say about it.

[AmoreJaz]

Do you proof read? IMHO you don't have to include these if you want someone to read an article or you're copy pasting an article.

2 min read
Jan 24, 2021
SHUTTERSTOCK

Even the image of the article, you have included it. You haven't added anything to the article that you have copy pasted. You should at least give your own thought what can you say about it.

just basically posting to increase maybe his post count. at least he didnt forget to include his reference link. usual prob for users who dont care what theyre posting. 
and btw, not all defi tokens are on the rise. only few of them. a lot had already exited from this hype. i hope newbies will take time to understand more about defi platforms and learn how to evaluate a good defi project vs those which are only riding the bandwagon.

[Mahanton]

ICO projects, Defi's? These things do boom out on a certain day in market neither this is on the recovery phase or still on a bearish one towards bitcoin.So far its been a typical day to see those gains in a matter
of 24 hours and doesnt really indicate that this Defi coins are mooning or booming.This is just simple movements that you can see in a market.So take this as an ordinary movement
that you can see not really that a big deal or a surprising thing but if you are just new into this market then you should get used into these situations.
All projects can potentially increase its price depending on the demand as always.

[GreatArkansas]

It seems it is already the alt season?
If you can see, there was a huge drop on Bitcoin dominance and altcoins mentioned by OP gained a huge pump, and the same time they are Defi coins, but not all Defi coins pumped, there you can see some major altcoins, like Ethereum, Serum, and many more.
It seems the 2017-2018 bullrun ending is happening.

[cryptoaddictchie]

It seems it is already the alt season?
If you can see, there was a huge drop on Bitcoin dominance and altcoins mentioned by OP gained a huge pump, and the same time they are Defi coins, but not all Defi coins pumped, there you can see some major altcoins, like Ethereum, Serum, and many more.
It seems the 2017-2018 bullrun ending is happening.

Seeing some coin trend against bitcoin we can assume that altcoins are gearing up for the alt season. Hence those drop on bitcoin dominance signify something and might be good for altcoins. But still noticed some major one that didn't move a muscle, but seeing OP observation on those coins which are all defi related. I think defi will trigger the alt season in this bull market.

[maydna]

It seems it is already the alt season?
If you can see, there was a huge drop on Bitcoin dominance and altcoins mentioned by OP gained a huge pump, and the same time they are Defi coins, but not all Defi coins pumped, there you can see some major altcoins, like Ethereum, Serum, and many more.
It seems the 2017-2018 bullrun ending is happening.

I think for me, we are heading close for the altcoin bull run, because while bitcoin dropped from 41k$ almost each  and now down
to 32k$ something most of the altcoins are taking advantage to pumped their coin in every exchange, though not all of them are doing the
same thing. But still we need to wait and see what will happen anyway in the future.

It could happen, especially if bitcoin price is not back to $41k for a while, giving the altcoin a chance to start the altcoin season. If that can happen, we can be ready to sell at our target sell price because I guess when the altcoin season comes, the price for many altcoins will increase so high, and it could be more than the last time ATH in a few years ago.

Bitcoin price now seems stable for a while, and that can hold the price not to increase so high. But I don't know what will happen this week because bitcoin price already breaks $33k, and if the price can still increase and break $34k, it could trigger the price to rise higher.

[leea-1334]

I actually did read about all the Defi coins rising but had no idea LINK was making a new all time high. I even saw NEXO has been steadily climbing higher and higher to new ATHs (which is not really a Defi coin I guess but it has similar concepts).

Still,,, not a good investment as if you had bought BTC right?

[Jawhead999]

I think it just a common market condition isn't? Mostly altcoins will follow Bitcoin just like @OP said above.

-snip-

I think for me, we are heading close for the altcoin bull run, because while bitcoin dropped from 41k$ almost each  and now down
to 32k$ something most of the altcoins are taking advantage to pumped their coin in every exchange, though not all of them are doing the
same thing. But still we need to wait and see what will happen anyway in the future.

If we looking from the dominance graph seems Bitcoin dominance are loss around 8% domination from some days ago (now it's 62%) and Ethereum dominance increase around 6%. But that's fact doesn't mean Bitcoin will repeating it's history on 2017 because on 2016 there's similar condition and Bitcoin can comeback dominating.

[CryptopreneurBrainboss]

The reason why DeFi are benefiting mainly from the altcoins pumps is because they were the just hyped trends before bitcoin dominance crashed everything. For months now, the focus has just beenon bitcoin and it seems the heat of bitcoin is beginning to slow down. So obviously it's idea the DeFi alternative coins has to begin from where they stopped. 

If you're to shift you attention to alts to ride the wave coming (altseason) then defi has to be your target technology because they'll be having more attention. You can see from the highest gainers that DeFi projects are topping the charts. Coins like Sushi and Uni are doing quite well for themselves and soon other defi project will follow.

The trend won't last long though so our investment should be very strategic, seize the opportunity and take/secure profits when the opportunity presents itself.

[sujonali1819]

I think not only DeFi the whole ALTs market is doing pretty good. Like DOT, THETA, INJ, OCEAN shows massive growth also. The whole ALTs market is gaining momentum by the dropping of BTC dominance. But the thing is how long BTC will stay this way.

Yes, all the alts (stable and new project only) doing great nowadays and it really normal After btc pump. And generally altcoins season remain for a few months like 2-3 months. In this period alts try to do the best what they can till bitcoin trend changes.

If more institutional investors came to the fields then BTC dominance will increase and ALTs will bleed.

Yes, this is quite right. But those investor atleast try to catch it in deep. Meanwhile alts try to reach 3-10x before bleeding again.

[ScamViruS]

It seems it is already the alt season?
If you can see, there was a huge drop on Bitcoin dominance and altcoins mentioned by OP gained a huge pump, and the same time they are Defi coins, but not all Defi coins pumped, there you can see some major altcoins, like Ethereum, Serum, and many more.
It seems the 2017-2018 bullrun ending is happening.

You are right Now a lot of coins are gaining good in the market, as a result of which the crypto market has become a lot of excitement for traders. Now only solid projects are doing well in the market, not that. There are a lot of coins that are not so good and the project is not developing much, those coins are also being pumped now. So now there is a lot going on in the market, enjoying this bull market will be the best excitement.

[el kaka22]

Defi products in ethereum chain will start to see less and less hype very soon because it is going to cost a lot to just own them.

I have some defi tokens for example that was either given or I invested very small amount and I can't even sell them, do you know why? Because network fee is higher than the price of tokens I own. That kind of thing will get lower and lower hype eventually, sure there are very very rich people in the market right now and everyone is dealing with that, you do not go into a store and ask is there anything for 25 cents, because there is none, and that is what is going on in the network right now, everyone wants to take their piece out of very rich people willing to pay 10-20 even 30 dollar fee's if they have to because they are rich, but those rich people will leave or stop one day, and everything will crumble after they stop.

[The Cryptovator]

Pumping a few altcoins or DeFi tokens doesn't mean all over the crypto market has recovered. We know Bitcoin price recovered more than expected. But if you look at the overall crypto market, then a large number of altcoin still in the bear by comparing with Bitcoin. Most probably it's due to bitcoin volatility. I am not expecting the alts market will recover until bitcoin show a stable point at all. We don't know the exact time for that, but hope soon bitcoin will be stable somewhere. Stable doesn't mean it should stick with a price, it does mean bitcoin would play between a zone.

[tbct_mt2]

Yes, all the alts (stable and new project only) doing great nowadays and it really normal After btc pump. And generally altcoins season remain for a few months like 2-3 months. In this period alts try to do the best what they can till bitcoin trend changes.

It has a connection to the switch of capital flow from bitcoin to altcoins and with altcoins, new altcoins of course include the new DeFi tokens are more easily to be pumped. They have less old investors, less investors who bought at all time high and are waiting for chances with good price to exit. They have less selling pressure in other words.

Investors, the new generations of investors, F0 crypto investors now are readily to invest and see a future of easy money from minting, farming, yielding, staking from DeFi tokens. They are bored of old altcoins that don't have any interesting waves in past months.

But that's fact doesn't mean Bitcoin will repeating it's history on 2017 because on 2016 there's similar condition and Bitcoin can comeback dominating.

2017 is similar to 2021 and they are good years for this comparison. I don't think 2016 is better than 2017. 2016 and 2020. 2017 and 2021.

[bitgolden]

DeFi changed and will keep on changing the crypto world, they are working on making every single thing decentralized because right now we are dependent on a lot of centralized companies in the crypto world. Mainly it was exchanges, exchanges have hundreds of thousands of bitcoins and at least that much worth altcoins on their wallets because people had to give their coins to exchanges in order to be able to trade them and make money.

There were tons of other DEX before uniswap but somehow Uniswap became more famous and made DeFi more interesting and got the attention, there are now tons of places like that and even though ETH fee's are huge right now and that is why people do not use uni or others as much as they can, it is going to be fine in the future when eip 1559 happens and when proof of stake comes, that way we would be freely holding our coins and trade without giving custody of our coins to anyone. This allowed defi projects to be loved a lot and that is why they keep going up.

[goaldigger]

There's a lot of good DeFi projects right now that is pumping incredibly in the past days and I can name a few, just make sure you do your own research about it. Anyway, DeFi has a great future here in the market because they have a real business though some of those are helping by the hype, and resulted to a big dump after that. Poolz is on a hot mode right now, you guys might want to search this one. Altseason are on the market right now, we saw some pullbacks, but we're getting stronger after that.

[hugeblack]

The revolution in the cryptocurrency market (DeFi Coins Boom) was in the past, but soon it will turn into pumping, dumping, and then dying, as is the case with many ICO, IEO and other projects.
The only profit from this equation is ether, which would grow well if they find a solution to the fee problem.
it is not related to Market Recovers or bitcoin price as general

[monatana]

The erc20 platform went up a lot during Fomo Eth 2.0 I also saw Eth making a new ath this month and was surprised

[avikz]

We are indeed seeing a great Defi boom right now! So it's a good place to make some quick buck if you are into regular or occasional trading. I ahd eared couple of Uniswap tokens through participating into their liquidity mining and their price is rising constantly since last week. It has posted around 300% increase in last 30 days!

I think this trend will continue for some time despite high competition. The more regulations will be added around the crypto market, the defi market will keep on booming due to its seamless and less confusing user experience. Let's hope for the best!