Bitcoin’s Tug of War
Since hitting a high of $18,476 on November 17, Bitcoin has been engaging in a not-so-subtle dance around the $18,000 mark. Bulls are putting up a strong fight to flip this level into support, all while dreaming of reaching that elusive all-time high of $19,789. But while much of the crypto media is fixated on Bitcoin’s nail-biting price action, there’s a more vibrant party happening in the DeFi sector.
DeFi’s Golden Moment
As detailed in Messari’s DeFi assets index, various lesser-known crypto assets have been throwing a little confetti for investors with some sizable returns. It’s like that cool back-up dancer who suddenly takes center stage — and they’re killing it.
AAVE Takes the Spotlight
Over the past week, the AAVE token has soared a staggering 214%, bouncing off its double bottom formation and trading just above $80. Day traders seem to be relishing the thrill, riding the waves of support and resistance in an ascending channel. All signs point to a healthy interest from investors, as reflected in AAVE’s trading volume, MACD, and RSI metrics.
Curve Finance Makes a Comeback
Even Curve Finance, which has often earned the title of ‘laggard’ on the crypto scene, pulled a remarkable 176% rally to hit $0.84, marking its own version of a triumphant comeback. Once shorted and disregarded, CRV’s rise proves that even the underdogs can have their shining moments.
Yearn Finance’s Rebound
How about Yearn Finance (YFI)? This token has surged by 83.5% in just a week, leaving investors buzzing with excitement. On November 18, YFI was perched at the 50% Fibonacci retracement level ($25,500), and bulls weren’t just daydreaming; they made it happen! The price danced through a crucial gap in the volume profile, reaching a new daily high of $29,850 — which is like finding a $20 bill in an old coat pocket. A few synthetic clones of YFI, like DFI. Money (YFII) and YF Link (YFL), also joined the party, rising by 58% and 49% respectively.
SushiSwap’s Reinvention
After nearly being ousted back in September, when lead developer Chef Nomi sold off $13 million of SUSHI, the token has remarkably rebounded. With Uniswap’s liquidity pool rewards tapering off, rival exchanges like SushiSwap have tapped into the chaos and boosted their offerings, drawing liquidity providers like moths to a flame. This week saw Uniswap’s total value locked (TVL) plummet by $1.3 billion (57.5%), while SushiSwap’s TVL surged by over 300%, resulting in a 127% rally to trade at $1.63.
A Renewed Interest in Altcoins
It’s evident that as Bitcoin plays coy, traders are gambling on DeFi and altcoins. With rising daily user activity, total value locked, and increased transaction volumes across platforms, altcoins are demonstrating resilience and allure. So while Bitcoin consolidates, don’t overlook the hidden gems in the DeFi space — they might just surprise you!
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