Top DeFi Coins Boom 5-20% As Ethereum Roars Higher, Fundamentals Strong

newsbtc.com

Ethereum has undergone a strong surge in the past 24 hours as buyers have stepped back into the crypto market. In the past day alone, ETH has gained 5%, as it currently trades at $368. For context, Bitcoin is only up around 1.5%.

The buying was seemingly triggered by the ending of a seeming capitulation in the : Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch

Ethereum Roars Higher, Forcing Defi to the Upside

Ethereum’s strong move to the upside on Friday triggered a sea of green for the DeFi market.

According to CoinGecko, leading DeFi coins have gained 5-20% over the past 24 hours. Band Protocol (BAND), Nexus Mutual (NXM), and Yearn.finance (YFI) are among the many DeFi coins that are part of this pack surging higher.

Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase

A series of Ethereum-based coins are surging by different amounts for different reasons.

Band Protocol is up around 15% in the past 24 hours seemingly related to Binance Launchpad’s yield farming opportunities for a new token called ALPHA. Users can deposit their BAND and earn ALPHA over time.

Yearn.finance has gained over 10% in the past 24 hours as Andre Cronje, founder of the project, confirmed that he is still working on the project. The Ethereum-based YFI is also rallying after a number of large short holders closed their positions. The closure of these shorts forced the price higher as confidence returned to the market.

Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase
Featured Image from Shutterstock
Price tags: ehth, ethbtc Charts from TradingView.com
Top DeFi Coins Boom 5-20% As Ethereum Roars Higher, Fundamentals Strong

The original article is located at newsbtc.com

This content is provided by public RSS feed at www.newsbtc.com/feed/. Please contact us if you have any questions.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.