DeFi market shows signs of recovery on first Monday of New year; $YFI, $UNI, $AAVE among the top performers
The start of the new year has brought back bulls for Defi altcoins as some of the top performers on New Year Monday include Uniswap (UNI), AAVE, and Yearn.Finance (YFI) topping the charts with the biggest gains for the day. Santiment data showed that even though a majority of the market remained nearly flat with little to no bullish momentum, Defi altcoins registered a prominent surge up to 13%
The last quarter of 2021 was expected to be bullish after a September sell-off, however, apart from October, both November and December ended in red leading to the crypto market falling to levels seen during the July-August phase. The crypto market reached another new all-time high (ATH) in October as the overall crypto market cap climbed above $3 trillion. However, by the end of 2021 crypto market has lost another 30% of its market from October.
Can the Defi market bring the bulls back?
The Defi market is still one of the most sought-after crypto use cases despite a string of hacks and rug pulls. The total defi market cap is currently hovering above $160 billion and YFI made the biggest leap over the past 24-hours with a 13% surge in price. YFI formed six consecutive green candles on the daily chart indicating a bullish surge even at a time when the rest of the crypto market was consolidating. YFI was trading at $40,881 at the time of writing and looks set to continue its surge further.
YFI was followed by UNI in terms of daily gains and rose nearly 9% over the past 24-hours. The top Dex platform has recently shifted to the Polygon network which has turned out to be a success and many belive its current price surge is fueled by the successful migration to Matic.
The majority of mainstream crypto be it Bitcoin (BTC), Ethereum (ETH) and several others are yet to show signs of bull revival, however, the rise of the defi altcoins would surely give some hope for another altseason soon.
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