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DeFi tokens continue to lose ground to the delight of Bitcoin

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What is DeFi? A Beginner’s Guide to Decentralized Finance

DeFi tokens continue to lose ground to the delight of Bitcoin

DeFi tokens continue to lose ground to the delight of Bitcoin
CONTENT

  • DeFi tokens continue to fall in price, while bitcoin renews highs

  • Many well-known tokens have fallen in price from peak highs by more than 70%

  • The total blocked value in protocols still exceeds $ 11 billion

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Interest in the Decentralized Finance Industry (DeFi) Decentralized Finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More) that has been observed this summer, continues to fade, and many tokens in this segment are still suffering losses despite the general bullish sentiment in the cryptocurrency market

DeFi tokens continue to lose ground to the delight of Bitcoin

In the context of total locked-in value, DeFi space still looks good, with only 8% off its all-time high and now stands at $ 11.3 billion, according to DeFi Pulse. growth of the Ethereum rate, which returned to the $ 400 mark.

At the same time, the DeFi tokens themselves for the most part continue to fall in price, losing market share to bitcoin. Jack Purdy, a researcher at the Messari analytical company, associates the current situation with an excessive number of projects, in which the segment receives an insufficient amount of new capital..

Source: Twitter

DeFi Market Collapse Continues

Funds that rushed into DeFi tokens in the wake of the summer hype are switching to Bitcoin, which today renewed its almost three-year high at $ 14,600.

DeFi tokens continue to lose ground to the delight of Bitcoin

Meanwhile, Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More UNI, owned by Uniswap, suffers losses along with other coins, having lost another 5% since the beginning of today’s trading and reaching $ 1.82.

UNI reached an all-time high in mid-September, when the $ 8 mark was fixed, from which quotes retreated by 76%. Moreover, the token runs the risk of continuing in the same spirit as the exodus of farmers approaches on November 17.

Source: Twitter

At the same time, the MakerDAO token called MKR has been relatively stable over the past year, including in the context of the total blocked value in the protocol.

Further – worse

Compound Finance’s COMP is down 74% from peaks and remains under pressure, while Aave’s supply cuts have not helped prevent a 52% collapse in the new project asset since early November.

The Curve DAO protocol token, CRV, depreciates by another 4% today, November 5, while the drop from record highs reached in mid-August is already 98%. Synthetix remains in positive territory since the beginning of the year, but $ 7.50 has retreated by 64% from the peaks of late August.

DeFi tokens continue to lose ground to the delight of Bitcoin

The YFI token, owned by Yearn Finance, which peaked at $ 44,000 at the peak of market activity, has collapsed by 80%, and its current price is about at $ 8,450.

Others in this segment, including Sushi and Swerve, are feeling even worse and are already practically depreciated..

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