In the last week, the cryptocurrency market has reached all-time highs, but assets such as Bitcoin and Ether have suffered corrections. Besides, the price of DeFi tokens continues to increase as Total Value Locked (TVL) touches USD 58 billion.
After having reached new all-time highs, several cryptocurrencies seem to show a decline in value. When reviewing the list of the top 20 stocks, it is possible to find signs of red numbers.
In contrast, those tokens related in some way to DeFi projects are the ones that have yielded the highest profits.
Ripple’s Cryptocurrency Suffers a Fall in Price
An example of the correction that the cryptocurrency market has suffered is Ripple (XRP), whose value fell more than 7%.
This drop in the price of the crypto asset occurred 10 days after it had made good profits. However, XRP’s gains since April 5th have been above 170%.
These Are the Tokens that Have Performed Better
The best performing tokens have been Maker (MKR) with + 20%, Compound (COMP) with + 15%, Aave (AAVE) with + 12%, and Yearn.Finance (YFI) with + 12%. Additionally, the Chiliz (CHZ) token achieved a recovery of USD 0.55 in its price.
Recent optimism about new all-time highs put total trading volumes above USD 800 billion. At the same time, it was possible to suppress the absolute records from mid-March 2020.
The entire sector has managed to position itself above the limit of USD 800 billion traded in a single day.
Ether and Bitcoin Suffer Corrections After Having Shown Increases
Likewise, the trading of digital asset Ether achieved high growth. It reached above USD 8.6 billion, its highest figure in more than 30 days.
Regarding Bitcoin, it also showed a lot of movement, reporting USD 14.4 billion in trading volume. However, the cryptocurrency suffered a decline of just over 3% since its last all-time high on April 14th. At the time, it reached prices above USD 64,800 for the first time.
These reports allow to see that the Bitcoin asset has managed to reinforce the bullish trend that it had reported at the end of January.
As for the Ether crypto asset, it is close to reaching USD 2,500. In this way, it follows in the footsteps of the hot streak that it has had since the lows at the end of March.
DeFi Continues to Increase Its Value
Not only digital assets have had some type of increase, but also DeFi continues to grow. This is because the Total Value Locked (TVL) has reached levels that touch USD 58 billion.
The Compound decentralized finance protocol managed to stand out and positioned itself above USD 10 billion. After that, Maker, the second loaning and financing project is also very close to reaching USD 10 billion.
The first cryptocurrency has a tremendous influence on the crypto market in general. When it reaches all-time highs, the other cryptocurrencies also experience significant price increases.
The above are just some examples of the behavior of this market during Bitcoin’s bullish rallies. It is also possible to see that the pioneering cryptocurrency suffers drops, after which it is capable of reaching new all-time highs.
By Alexander Salazar