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%.

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