{"id":447203,"date":"2020-10-21T00:33:13","date_gmt":"2020-10-21T00:33:13","guid":{"rendered":"https:\/\/ktsl888.com\/?p=447203"},"modified":"2024-06-11T12:47:10","modified_gmt":"2024-06-11T12:47:10","slug":"top-defi-coins-crater-15-despite-bitcoin-passing-12000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/defi\/top-defi-coins-crater-15-despite-bitcoin-passing-12000\/","title":{"rendered":"Top DeFi Coins Crater 15% Despite Bitcoin Passing $12,000"},"content":{"rendered":"
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.<\/p>\n
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.<\/p>\n
Bitcoin surged higher on Monday and Tuesday after consolidating in the low-$11,000s. The coin hit $12,000<\/a> on Tuesday morning as this outlet reported.<\/p>\n <\/p>\n 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.<\/p>\n 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).<\/p>\n 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.<\/p>\n The fundamentals of this space remain strong despite the weak price action.<\/p>\n The number of active MetaMask users recently passed one million largely due to DeFi. As NewsBTC reported previously:<\/p>\n \u201cAdditionally, 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\u2019s not just the ability to buy and store Eth that\u2019s powering our new phase of growth. When you think about it, people don\u2019t 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.\u201d<\/p><\/blockquote>\n Adding to this, on-chain trends show a strong increase in DeFi users.<\/p>\n 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\u2019s Why Ethereum\u2019s 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. 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 \u201cTsunami\u201d 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: \u201cAdditionally, 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\u2019s not just the ability to buy and store Eth that\u2019s powering our new phase of growth. When you think about it, people don\u2019t 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.\u201d 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<\/p>\n","protected":false},"author":497,"featured_media":427002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[1144,78790,54512,76835],"class_list":["post-447203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-btcusd","tag-btcusdt","tag-defi","tag-xbtusd"],"acf":[],"yoast_head":"\nChart of bTC's price action voer the past few weeks. Source: BTCUSD from TradingView.com<\/a><\/pre>\n
Related Reading: Tyler Winklevoss: A \u201cTsunami\u201d of Capital Is Coming For Bitcoin<\/a><\/h6>\n
DeFi Fundamentals Strong<\/strong><\/h2>\n
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing<\/a><\/h6>\n
Featured Image from Shutterstock\r\nPrice tags: xbtusd, btcusd, btcusdt\r\nCharts from TradingView.com\r\nTop DeFi Coins Crater 15% Despite Bitcoin Passing $12,000<\/pre>\n","protected":false},"excerpt":{"rendered":"