Bitcoin and ether seem to be more sensitive to a fickle global stock market. But that hasn’t affected aave and uniswap and other altcoins making huge upward swings, fueled by DeFi hype.
Aave (AAVE) trading around $567 as of 21:00 UTC (4 p.m. ET). Gaining 27.7% over the previous 24 hours.
Uniswap (UNI) trading around $40.69 as of 21:00 UTC (4 p.m. ET). Gaining 7.6% over the previous 24 hours.
Ether (ETH) trading around $4,090 as of 21:00 UTC (4 p.m. ET). Gaining 0.33% over the previous 24 hours.
Ether’s 24-hour range: $3,955-$4,364 (CoinDesk 20)
Bitcoin (BTC) trading around $54,547 as of 21:00 UTC (4 p.m. ET). Losing 3.8% over the previous 24 hours.
Bitcoin’s 24-hour range: $53,700-$57,944 (CoinDesk 20)
The biggest CoinDesk 20 gainers Wednesday were AAVE, jumping 27% and UNI, up 7%, as of 21:00 UTC (4:00 p.m. ET). Aave is a lending protocol while uniswap is used to exchange tokens in decentralized finance (DeFi), the sector underpinned by the Ethereum blockchain.
“The crypto market is primarily focused on Ethereum and the catapulting DeFi sector right now,” said Nick Mancini, research analyst at crypto sentiment analytics platform Trade the Chain. “The narrative is completely off bitcoin and focused primarily on DeFi, Ethereum and the burgeoning altcoin market.”
It’s no surprise why: As of press time Aave is up fivefold in 2021, with uniswap jumping almost sevenfold so far this year. One fundamental metric Mancini pointed to is total value locked in DeFi. The data aggregator DeFi Pulse reports TVL, which is used to gain profits in return for liquidity, has doubled within three months and is up to $86 billion as of press time.
Ether, the second-largest cryptocurrency by market capitalization, was trading around $4,090 as of 21:00 UTC (4:00 p.m. ET), up 0.33% over the prior 24 hours. The asset is below the 10-hour moving average but above the 50-day, a sideways signal for market technicians.