Bitcoin saw a remarkable rise after dropping below $41,000. This led to tapping $44,000. In the last 24 hours, tokens in the decentralized finance sector have seen even greater gains, with a 30% increase from Uniswap.
Bitcoin gains $3K in 24 Hours
This weekend was not like the other weekends. However, it wasn’t a boring one for BTC’s prices. After China’s latest FUD statement, the cryptocurrency dropped $4,000 within minutes of its bearish Friday.
Bitcoin spent Saturday trying to recover all losses but the bulls drove it up to $43,000. However, Sunday started with increased volatility.
BTC fell by a few thousand dollars, and it dropped below $41,000 the second day in a row. The situation changed as the bears prepared to push it southward to $40,000
Bitcoin soared by $3,000 in a matter minutes and was close to $44,000 within minutes. The asset soared further, surpassing the $44,000 mark for a brief time in the hours that followed. It has now retraced slightly to just below the $44,000 mark.
Bitcoin’s market capitalization is now over $800 billion. However, the dominance of alts has fallen to just 42%.
BTCUSD Source: TradingView
DeFi Tokens Surge
Since late last week, most larger-cap altcoins are following BTC’s lead. Ethereum dropped hard yesterday to $2,800. However, an 11% rise has brought it back to $3,100.
Binance Coin (8%), Ripple (6%) and Solana (9%) are all in the green. Cardano gained only 2.5% in one day despite multiple partnerships that were formed at the summit.
Tokens that are related to decentralized finance have the largest increases. Uniswap is the leader with a 34% increase in a single day. UNI is now close to $25
PancakeSwap (14%), Aave (16%) and The Graph (14%), Compound (17%) and SushiSwap (30%), among others, are some of the most popular. The latest activity from China could explain this, as locals may be turning to DeFi products after the country bans cryptocurrency trading.
Cryptocurrency Market Overview. Source: Quantify Crypto
The cryptocurrency market capitalization has risen by more than $150 Billion since yesterday’s low. However, it is still below $2 Trillion.
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