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DeFi Tokens Aave, Lido Rally As top Altcoin Ethereum Recovers

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VOC, Voice of Crypto, Crypto Portfolio

The week continues to bring positive news for DeFi tokens. Defi tokens like Aave (AAVE), Uniswap(UNI), Lido Finance(LDO), and Curve (CRV) have all posted significant gains over the past 24 hours

The price of Aave’s native token, AAVE, has shot up 10% in the last 24 hours and is currently trading at just under $69 according to data from CoinMarketCap

The Aave team is planning on launching its own collateralized stablecoin. This is the key reason behind the bullish moves for this specific asset.

The token behind Uniswap, UNI, has also gained 2.1% over the past 24 hours, bringing its market capitalization up to $4.14 billion – but it’s still down 87% from an all-time high of $44.97.

Elsewhere, LDO has also staged a recovery after stETH re-pegs.

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Lido’s native token, which powers the crypto staking platform and is up 10% over 24 hours, currently changes hands at around $0.68. The token has lost nearly 96% of its value since peaking at $18.62 last week, despite strong weekly gains. 

The token behind the decentralized exchange Curve, CRV has also shown positive price movement over 24 hours. The 70th-largest cryptocurrency has seen a 5% increase in its total market cap over the same period of time, reports CoinMarketCap

Ethereum On-Chain Activity

The primary reasons behind today’s bullish action are improved activity from within this ecosystem and the positive price movement seen by Ethereum.

The number of transactions on Ethereum has increased by 2% over the past 24 hours and now stands at 1.19 million total deals according to Etherscan

The number of NFTs sold over the past 24 hours has risen steeply, posting an increase in value by 6.94% to $19.40 million.

The growth in the number of Ethereum-based NFT sales hasn’t slowed down over recent days, with a 12.49% increase from yesterday alone.

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The number of Ethereum addresses with non-zero balances is on the rise, bringing us closer to new all-time highs. There are currently 83.58 million such Ethereum addresses—a new record.

DeFi tokens, ETH number of addresses with non-zero balance.

ETH number of addresses with a non-zero balance. Source: Glassnode 

Ethereum has been on an upward trend lately, with prices climbing nearly 17% over the last week.

 

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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