DeFi projects continue their massive growth as markets remain flat


TL;DR Breakdown

  • DeFi projects have seen continued growth in recent times.
  • The top 20 crypto assets have seen a drop in their value recently.

DeFi projects have continued their recent bull run while top crypto assets in the industry have recorded a second straight day of losses. According to available data, most of the crypto assets in the top 20 cryptocurrencies by market cap have witnessed a drop in value.

Top 20 crypto assets on a decline

Assets like Bitcoin, Ethereum, Tether, Polkadot, and many others have seen a drop in their price. Polkadot recorded the highest loss in one day, with its value dropping by over five percent, while Bitcoin Cash recorded a four percent drop. Another significant loss was recorded with Chainlink that had close to four percent of its value shaved off.

However, in the DeFi space, the reverse is the case. We have continued to witness growth in the value of assets of projects in the industry. Uniswap, for instance, recorded a ten percent increase in its value in the last 24 hours alone. This continues the recent growth of the value of the DeFi asset that has been on for the past week.

DeFi and NFT assets on the rise 

Another notable growth was seen in Synthetix that added over nine percent in the last 24 hours, which helped it enter the top 20 crypto assets list. AAVE was also a top gainer recording a five percent increase in its value.

These different DeFi projects’ performances played a pivotal role in pushing the price of Ethereum into a new all-time high recently. The growth of NFTs has also rubbed off on the second largest crypto asset by market cap. But according to Nomics, the value of ETH dropped by less than one percent in the last 24 hours.

Cumulatively, the NFTs market has recorded close to $100 million in sales of collectibles. The top five collectibles accounts have grown by over 50% in the last week.

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Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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