Top DeFi Coins Finally Make Recovery: Aave, Ren, Chainlink Surge 10%


Earlier this week, all eyes were on Bitcoin, not DeFi. The leading cryptocurrency shot a handful of percent higher while altcoins actually began to move lower against the dollar, sometimes by 5-10%. Some DeFi coins actually dropped 15% on the day that Bitcoin shot 2-3%.

This trend did not persist, though. Altcoins have begun to recover against the leading cryptocurrency over the past day, with some actually managing to outpace the previously-dominant Bitcoin.

How To Get Free Crypto  
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

DeFi Coins Bump Higher Amid Bitcoin Surge

CoinGecko data shows that DeFi coins are bumping higher amid the Bitcoin surge that took place on Wednesday, which brought prices higher by over 8%. While Ethereum is still underperforming BTC, top DeFi coins are surging higher.

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!

Ren Network’s REN token, Ampleforth (AMPL), Aave’s AAVE, Chainlink (LINK), and many other coins have gained around 10% in the past 24 hours. For context, again, BTC is up 8% while ETH has gained 6%.

This recovery comes shortly after analysts said that Bitcoin is likely going to outperform the average Altcoin

Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.

» Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin moving forward. Technically, this sentiment has not been invalidated yet as BTC remains a top-performing crypto asset as not all DeFi coins are pumping.

Coinbase Banner  

Su Zhu, CIO of Three Arrows Capital, said:

“$BTC going up swiftly is not only not bullish for alts but it’s bearish. reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant.”

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

ETH & DeFi Fundamentals Remain Strong

DeFi and Ethereum fundamentals are strong.

Crypto-asset analyst Qiao Wang said that he thinks an institutional influence has landed in the DeFi space:

“It seems that Silicon Valley finally discovered DeFi. Relatively to crypto natives, they are characteristically late. They were late with BTC, ETH, and this time DeFi. But if history is any indication, they’ll hype it up and create a huge bubble out of it in the coming years.”

We’re seeing the institutional influence with the introduction of large crypto institutions and venture capital companies into DeFi through investments, comments in media, and so on. 

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: lendusd, lendbtc, aaveusd, aavebtc, aaveeth, renbtc, reneth, renusd, linkusd, linkbtc
Charts from TradingView.com
Top DeFi Coins Finally Make Recovery: Aave, Ren, Chainlink Surge 10%

Go to Source
Author: Nick Chong


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.