Recently, the Defi market has started to recover, with bitcoin, the benchmark cryptocurrency, rebounding from $20,000 to over $24,000. This parabolic move to the upside has affected several other blue-chip crypto tokens. Most have pumped more than 10%, with some even hitting their monthly highs over the last seven days.
CRV, for example, ranking about 62 on the list of cryptocurrencies, is the governance token of the decentralized exchange Curve.
CRV went up 15.58% over the last day and reached as high as $1.56 sometime on Thursday, the 28th of February. The cryptocurrency has a market cap of about $720 million and is worth about $1.5 Peri token at the time of writing.
Curve Versus Other Defi Exchanges
Despite the gas prices on the Curve platform being nearly twice as high as Uniswap’s, V2 of the curve protocol has been observed to quote better transaction execution prices than Uniswap V3 for more than 60% of all Ethereum/USDT (ETH/USDT) transactions in 2022.
This was stated for a fact by analysts at the crypto research firm Delphi Digital.
How is Lido Faring?
Lido, the native cryptocurrency of the Lido DAO like CRV, is doing very well, considering the current market conditions. It has increased 11% in the last 24 hours and reached a high of $2.63 over the last 7-days.
All of this is despite the increase in the FED rate by over 70 basis points and the negative US GDP figure.
Lido is currently worth about $2.14 per token at the time of writing and has had a 24-hour trading volume of about $403 million.
Link is the cryptocurrency token that powers the decentralized oracle network, Chainlink. LINK has been up 10.3% in the last 24 hours and currently sits at $7.57.
The last time the crypto reached these highs was in June, before one of the bloodiest dips of mid-2022. Link is ranked #23 in the crypto market and currently has a market cap of about $3.6 billion.
UNI, the native crypto of the Uniswap protocol, is ranked #16 on the crypto market. It has jumped 5.53% in the last 24 hours, with a 24-hour trading volume of about $620 million.
It is currently worth $8.69 per token and even went up as high as $9.74 on Thursday.
A three-month high, as recorded by CoinMarketCap.
Did This Jump-start Affect All The Others?
Most of them, yes. Some other tokens that went parabolic this week include Maker (MKR), currently worth about $1,062 with a 24-hour high of $1,128 (a 9.4% pump), Synthetix (SNX), currently worth $3.9 and reached a 24-hour high of $4.39 (a 9.6% pump), and 1 Inch, currently around $0.75 that went up 7.7% on the last 24 hours.
Bitcoin currently sits at a reasonably strong support level and is waiting for either the bulls or bears to take over.
If the crypto market keeps up its move to the upside, these cryptocurrencies could experience even higher highs than they currently have.