The recent Fed meeting didn’t result in much volatility in the crypto markets, but the UN pressure on the central bank helped most of the Crypto and DeFi tokens to surge north today.
Bitcoin finally surpassed $19,000, while ETH, BNB, XRP, and MATIC have also bagged impressive price bags in the last 24 hours. In addition to recovering crypto assets, the DeFi market also shows some positive price gains.
LINK, the native token of the decentralized oracle protocol Chainlink, has increased nearly 8% over the past 24 hours. At the time of writing, LINK is priced at $7.65 with a market capitalization of more than $7 billion.
This price spike comes as the project’s co-founder Sergey Nazarov announces a new staking service launched in December at SmartCon 2022. The Staking service will distribute the system’s value accrues to the relevant participants—the nodes and the stakers
Lido Finance (LDO)
The famous liquid staking protocol, Lido Finance, is also trending upwards and recovering from its previous losses. The project’s native LDO has gained over 10% over the past 24 hours. Following this hefty price gain, LDO is trading at $1.59 with a market cap of $1B.
As per DefiLlama, Lido is currently the second-largest DeFi project in terms of total value locked (TVL) behind MakerDAO.
Notably, DeFi Token Maker’s native token MKR is trading in the green today by jumping more than 8%. The governance token is trading at roughly $863, and the project currently hosts a market capitalization of over $758 million.
This price spike comes as recently; the Winklevii-led crypto exchange Gemini initiated depositing its native GUSD stablecoin with MakerDAO for generating a yield of 1.25%. Meanwhile, Coinbase also made a similar move by offering the DeFi platform 1.5% on its USDC holdings.
These significant announcements triggered Maker’s business model, making it the third most profitable in the entire industry.
Following suit, Synthetix, a decentralized finance (DeFi) protocol that provides on-chain exposure to various Crypto and non-crypto assets, is also trending northwards today. SNX, the native token of synthetic-creating platform Synthetix, has surged by 2% in the last 24 hours.
SNX is currently hovering between $2.31 and $2.33. It currently has a market cap of $676 M with a 24-hour trading volume of about $49 million.
Other DeFi Tokens
Thorchain’s RUNE also went up 9% in the last 24 hours, currently changing hands at around $1.65 with a 24-hour trading volume of $46 M.
UNI, the token underpinning decentralized exchange Uniswap also soared by 6% in the last 24 hours, with a 24-hour trading volume of about $189 million. It is currently worth $6.78 per token.
CRV, the governance token of the decentralized exchange Curve, went up 5% over the last day and reached as high as $0.90.
1 Inch, trades currently around $0.57, went up 3% in the last 24 hours.
Why Is the DeFi Space Bullish
This bullish market trend comes as Bitcoin (BTC), the flagship cryptocurrency, is up by 4% over the day, surpassing the critical $20,000
Ethereum (ETH), the second largest cryptocurrency by market cap, also jumped 4% over the same period, with the asset trading at $1,351
The Global crypto market cap stands at $958.61B with a 3.29%. If the crypto market manages to keep this positive upside, all the cryptocurrencies could experience even higher highs than they currently hold
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)