Following another drop to around $33,000, bitcoin has bounced off and neared $35,000 once again. The alternative coins, especially some connected to the DeFi sector, have seen more substantial gains, with Uniswap rising 11% and Aave and Compound jumping by more than 20%.
DeFi Coins Surge by Double-Digits
After marking minor losses yesterday, most of the altcoin field is well in the green today. Ethereum dipped below $2,300, but a 3% increase has driven the asset to well above that level.
Binance Coin has seen even more considerable gains following a 6% jump. As a result, BNB has reclaimed $300 and has neared $320 – the highest price line since June 18th.
Cardano (2%), Polkadot (3%), Bitcoin Cash (1.5%), Litecoin (1.5%), and Solana (1%) are in the green, while Ripple and Dogecoin have stalled on a 24-hour scale.
Uniswap has spiked the most from the larger-cap altcoins by 11%. Consequently, UNI has risen above $22. Interestingly, other DeFi-related alternative coins have also performed well since yesterday.
PancakeSwap has copied UNI’s increase and currently stands above $15. Aave and Compound are up by 21% to $333 and $515, respectively. This comes shortly after Aave announced plans to launch DeFi services for institutions.
Nevertheless, KuCoin Token has increased the most in a day – by 42% to $11. More DeFi coins follow, including Synthetix (35%), SushiSwap (19%), THORChain (16%), Curve DAO Token (12%), Elrond (12%), and Avalanche (12%).
The cumulative market cap has recovered some ground in a day and is close to challenging $1.5 trillion.
Bitcoin Closes the Gap to $35K
The primary cryptocurrency also fell yesterday to just over $33,000. That came shortly after reaching a four-day high of $36,000 during the weekend.
However, the bulls have regained control after the most recent dip and have pushed the asset north again. As a result, bitcoin has reclaimed almost $2,000 and is close to breaking above $35,000 once again.
Its market capitalization has remained around $650 billion, but its dominance over the altcoins has suffered. The metric is down below 45% as most alternative coins have outperformed BTC in the past 24 hours. Just for reference, BTC’s dominance was above 46% a few days ago.
Despite being 2% up on the day, though, a popular crypto analyst argued earlier that the asset’s inability to chart a new high for almost three months had signified the end of the bull market.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.