The DeFi tokens have once again grabbed the center stage since it has now become the leading lending protocols including Maker, AAVE, as well as Compound have successfully managed to hit their all-time high.
Many of the decentralized finance tokens have recently witnessed a breakout of their prices on the 4th of February 2021. Meanwhile, Bitcoin and Ether prices have been trading sideways through the day.
Except for the general bullish pattern infiltrating the sector of decentralized finance. In addition, the positive comments of the big investors advertising the advantages of blockchain technology along with the appearance of DeFi are lifting their sentiment across the sector.
Market, Driven Up By DeFi
At present, the prices of BTC are struggling to regain the level of $38,000 and the top traders might have added the short positions while BTC rallied towards the $38k level on 3rd February 2021. This was reported by Marcel Pechman, analysts at Cointelegraph.
Elon Musk has created waves once again as the ‘DOGE’ tweet has led to a sharp spike in volume that sent the Dogecoin rally up by 48% hitting $0.054. The prices of XRP have broken out and have rallied by 12.45%, leading to a day-to-day high of $0.4365.
UMA has recently witnessed a price explosion by approximately 158%, reaching a record high of $44.25 just before correcting its present value to $33.13. The liquidity provider of decentralized exchange 0x (ZRX) has also surged 70%, hitting a new high in 2021 at roughly $1.35.
The lending platforms of DeFi like Maker, Compound, and AVVE have a new record high after their price spiked by 22.69%, 36.6%, and 46.68%, respectively. Meanwhile, BTC has a 60.9% dominance over the entire cryptocurrency industry currently.
