DeFi Tokens Pares Off Gains As Crypto Market Inks a Broad Retracement

By Godfrey Benjamin
Published August 9, 2021 Updated August 9, 2021
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DeFi Tokens Pares Off Gains As Crypto Market Inks a Broad Retracement

By Godfrey Benjamin
Published August 9, 2021 Updated August 9, 2021

The steam that was gathered in the broad cryptocurrency ecosystem over the weekend appears to be cooling off with a wide price retracement currently manifesting. While Bitcoin (BTC) is waging a volatility war to maintain balance at the $43,000 support level, the hoard of Decentralized Finance (DeFi) tokens are gradually slipping off their weekly highs.

The losses being recorded is encompassing, from both Decentralized Exchange (DEXs), to Synthetic assets and Non-Fungible Tokens (NFTs). Uniswap (UNI) metrics is down on all fronts including its 24-hours trading volume and in price. While the former is down 28.31%, the leading DeFi token has shed off 4.90% of its price to $26.91 in the past 24 hours. 

A section of DeFi tokens showing 24 hr rate of gain. Source CoinMarketCap

SushiSwap (SUSHI) is also down 6.95% to $9.40 at the time of writing. While the token is still in a good position as it is trading above its 7-day average, the coin is 60.17% away from its All-Time High (ATH) price of $23.38 attained back in March. 

NFT Tokens Also Cooling Off

While the utility of NFT-based tokens are undoubtably growing in recognition especially for the gaming metaverses like Axie Infinity and its native token ‘AXS’, the bears are not sparring the protocols from an ecosystem-wide price slump.

AXS is typically down 21.13% from its ATH of $53.28 and its current price of $41.98 has been seen as a crucial support region that can stir more price bounds in the coming weeks. This however, is dependence on the resilience of the market bulls. Theta (THETA) is down by 7.02% to $6.38 in the past 24 hours with Decentraland (MANA), Enjin Coin (ENJ), and Flow (FLOW) shedding 4.73%, 4.49%, and 4.76% respectively. 

The cross-market slump may be temporary in reaction to the stalling passage of the US infrastructure bill as and its proposed impact on the crypto ecosystem as a whole. Market volatility can be triggered by such events that can stir a probable market reversal. 

As the week opens up, market dynamics are bound to see yet an increased activity that may tilt prices either in favor of the bulls or bears. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Godfrey Benjamin
177 Articles
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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