Major Defi Token Prices Plunge, as Money Moves Back Into Bitcoin
Major decentralized finance (defi) projects fell sharply in October, with token prices tumbling by between 30% and 56%, as money appears to be moving away from the overhyped space and back into bitcoin. According to Coingecko data, Andre Cronje’s Yearn Finance (YFI) fell fastest, crashing 56% to around $10,400 as of Nov. 1, down from $23,800 thirty days earlier. Since Sept. 12, YFI total market capitalization has bled $957 million from a high of $1.27 billion. The asset, whose price peaked at over $43,000 two months ago, currently boasts $312.9 million in market value. Uniswap (UNI),....
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DeFi giants YFI, AAVE, and COMP plummet by over 10% within 20 hours as the market pulls back on Bitcoin and Ether uncertainty. Major decentralized finance (DeFi) tokens Yearn.finance (YFI), AAVE and Compound (COMP) plunged steeply in the last 24 hours. The three DeFi tokens, which are valued well over $500 million, declined by over 10% on the day.Yearn.finance, AAVE, COMP 15-minute chart (Binance). Source: TradingView.comThree reasons why DeFi-related cryptocurrencies pulled back particularly hard are low volume, the declining Ether (ETH) price, and the uncertainty around Bitcoin....
CRV, the native token of the stablecoin decentralized exchange Curve Finance, has been dumping in over the last year or so. After last week’s plunge, the token fell by as much as 75% from March 2024 highs, a huge concern for token holders. CRV Recovers, Adds 45% After Plunging However, according to one analyst who took to X, the bottom could be in, arguing that favorable fundamental events in roughly two months could propel the token to as high as $2. CRV is changing hands at around $0.32, up 42% from last week’s lows. Most importantly, prices are stabilizing, with the....
The pullback in the value of Yearn.finance and Aave signals that the DeFi market may be oversold but increasing revenues of the top projects suggests otherwise. Over the last month the crypto market has seen a significant amount of volatility as a 6-month altcoin bull market abruptly came to an end with the most recent Bitcoin (BTC) price rejection at $12,000.At the same time, the DeFi sector saw an amazing run as the total value locked in DeFi platforms surged above $10 billion but at the time of writing the sector is in the midst of a mild correction.DeFi index daily, weekly, monthly....
Compound's governance token, COMP, fell below $100 early Tuesday. The DeFi token kicked off the yield farming craze way back in June.
Icon, Ravencoin and Lisk have major events coming up that could boost prices higher. Bitcoin (BTC) created another milestone today when the price breached the $50,000 barrier. Bitcoin has now risen about 1,230% from a low of $3,803.58 on March 13 of last year to a new all-time high at $50,622 today. This rally has been led by strong institutional demand that is showing no signs of stopping. MicroStrategy meanwhile said it plans to again raise $600 million through a sale of convertible notes and the proceeds will be used to buy Bitcoin.While institutional investors continue to buy,....