Cryptocurrency News

There is a profit of $ 400B in total crypto market cap as DeFi tokens lead the recovery


After seeing a more than 60% increase in the prices of a handful of decentralized financial tokens, altcoin and DeFi came back to life on May 24 as bitcoin bulls pushed through. B T c Priced at $ 38,000 level.

Some analysts call this step ‘Dead cat bounce‘But despite those concerns, the price rise seen across the market could be a welcome sight for cryptocurrency investors who experienced last week’s historic surrender event, with a total cryptocurrency market cap of around $ 1.3 trillion. The value was drawn.

Daily cryptocurrency market performance. Source: Coin360

The largest bounce-back performance in the top 200 coins was seen in Ethereum (ETH) Layer-to-solution polygon (MATIC), which has emerged as a market-leading L2 solution in recent weeks.

Decentralized Finance (DeFi) tokens have also been at the forefront of the comeback, with the maker (MKR) Overnight rose by 91% to more than $ 6,000, while Year Finance (YFI) grew by 42% and is now trading near the $ 6,000 level.

Other notable DeFi price recipients include Uniswap (UNI) and Aave (AAVE), which saw their token prices rise by more than 50%, and a 62% price gain for Binance Smart Chain-based BakeryToken (BAKE), which is now Trades above $ 3.30. .

Total Cryptocurrency Market Cap. Source: CoinMarketCap

Monday’s turnaround has added approximately $ 400 billion in value to the total cryptocurrency market capitalization which is now $ 1.615 trillion and currently has a bitcoin dominance rate of 44%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move involves risk, you must do your own research when making decisions.