Cryptocurrency News, Cryptocurrency Price Analysis, DeFi (Decentralized Finance)

DeFi Tokens Rise As Bitcoin Mounts Recovery

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As the broader cryptocurrency market is back on track, several major DeFi tokens have also gained over the last 24 hours. Bitcoin briefly hit $40k after a mini-slump in the early hours of Thursday morning following the expected Fed’s interest hike announcement. On the other hand, the second-largest coin by market capitalization ether nearly touched the $3k mark 

Major DeFi Tokens Post Double Digits in Profits

DeFi tokens, such as UNI and ANC, realized some gains in the last day, jumping 10% and 14% on the market. UNI – the governance coin of the decentralized exchange protocol Uniswap, increased by almost 10% to $8. 

The gains positively affected UNI, as the token attained a market cap of $5.4B. The figure makes it the 26th-largest coin by market cap. Despite posting some gains, UNI is still a long way from attaining its ATH of $44 achieved last May.

ANC – the official cryptocurrency of transaction of Terra-based app titled Anchor Protocol, exchanged hands at $1.9 as of this writing, the highest in the last ten days. Based on DeFiLlama insight, Anchor has a massive $17B in TVL, making it the third biggest in the decentralized ecosystem.

Other DeFi Tokens Realize Profits Off Fed’s Decision

Elsewhere, RUNE and CRV made impressive gains in the market. RUNE, the governance coin of the cross-chain platform Thorchain, rose by over 13% to nearly $8, while Curve Finance’s CRV surged nearly 9% in the past day. CRV trades at $2.58 based on this writing. 

Thorchain is a swapping and trading platform built on the Cosmos chain. The protocol suffered multiple hacks in 2021that resulted in the loss of hundreds of billions of dollars worth of digital tokens. The platform recently disclosed a bug bounty initiative on ImmuneFi to offer double the amount of payout to white hat hackers. This program was created to beef up the platform’s security.

The AAVE token also capitalized on the Fed’s decision and BTC’s rise to post some gains. The medium of exchange of the decentralized lending platform Aave went up by 6.8% in the last day. At press time, the coin’s value to the USD is $157. 

Currently, BTC has cooled down to $39.6k, although it represents an incline of 2.5% from the previous day. Meanwhile, ETH is trading at $2.9k, a 3.9% increase over the same period. 

Crypto expert Michael Van de Poppe thinks BTC will remain bullish over the next few months as he anticipates a further rollout of interest rates in 2022. However, the flagship coin must be able to break the $40.6k barrier to mount a bullish run.

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