DeFi tokens lead the market higher as Bitcoin price searches for momentum

Several of DeFi’s runners experienced the 4th. February saw a price breakout, while bitcoin (BTC) and ether (ETH) prices moved sideways throughout the day. In addition to the general upward trend in theFi sector, positive comments from major investors highlighting the benefits of blockchain andFi technology seem to be boosting sentiment across the sector.

Currently, the price of bitcoin is still trying to reach the $38,000 mark. According to Cointelegraph analyst Marcel Pechman, top traders may have increased their short positions when BTC hit the market on February 3. February rose to $38,000.

Daily indicators for the crypto-currency market. Source : coin360

Elon Musk made waves again when his tweet about Dogecoin (DOGE) led to a surge in trading volume, sending Dogecoin (DOGE) up 48% to $0.054. The price of XRP also rose 12.45% to a daily high of $0.4365.

Universal Market Access (UMA) rose 158% to a new high of $44.25 before settling at its current value of $33.13. Decentralized exchange-traded cash provider 0x (ZRX) also jumped 70% to a new 2021 high of $1.35.

AAVE vs. MKR vs. COMP percentage increase graphically shown per 4 hours. Source: TradingView

DeFi tokens lead the market higher as Bitcoin price searches for momentum

Credit platforms DeFi AAVE, Compound (COMP) and Maker (MKR) reached new all-time highs, with their prices rising 46.68%, 36.6% and 22.69% respectively.

Traditional markets recovering in

Traditional markets also received a boost, with technology-focused stocks leading the way for the fourth consecutive day, including eBay (EBAY), whose shares rose 5%, and PayPal (PYPL), whose shares rose 7%.

The S&P 500, Dow and NASDAQ closed the day well, up 1.09%, 1.08% and 1.23% respectively.

Publicising Defiance

The increased attention from business leaders like Mark Cuban and institutions like Grayscale Investments has brought more attention to the cryptocurrency sector and highlighted the rapidly growing involvement of traditional finance in the cryptocurrency ecosystem.

Daily chartBTC/USD. Source : coin360

DeFi tokens lead the market higher as Bitcoin price searches for momentum

With MicroStrategy CEO Michael Saylor offering a bitcoin introduction course to more than 1,400 publicly traded companies over the past two days, today’s recent price fluctuations and increased trading volume could be the beginning of wider adoption and inflow into bitcoin and the evolving DeFi ecosystem.

The total capitalization of the cryptocurrency market is currently $1.13 trillion, and bitcoin’s dominance is 60.9%.

frequently asked questions

What caused the value of bitcoin to increase?

Since there are only 21 million bitcoins, the coin’s turnover in the market is falling as the reward drops. And as more and more people become aware of the scarcity of the commodity, demand increases, leading to higher prices.

How much is a bitcoin token worth?

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What was bitcoin like at its peak?

At its new peak on the 8th. In January 2021, the cryptocurrency changed hands at $41,528. Three days later, however, it was $30,525.39.

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