TL; DR Breakdown
- DeFi tokens lead market recovery with gains
- Bitcoin tops above $50,000
- More tokens record gains
The digital asset market has undergone a sideways trade in the last few weeks, opening up to the holiday. However, a recent trend in the market is shown a huge reverse in fortune. According to market movements, tokens are leading the charge as Bitcoin pulls the market towards its stride. Bitcoin was presently on its way to $60,000 after cementum a position above $50,000 yesterday. However, statistics have shown that some DeFi tokens are currently leading the charge, posting gains of up to double figures.
Bitcoin tops above $50,000
SushiSwap’s native digital asset, SUSHI, has gained the most by far out of a list of DeFi tokens, cementing a massive 12% gain. According to the data culled from CoinGecko, the digital asset is presently trading around $7.55. Before now, the token recently saw some in-house scuffle push its price in a decline fashion as it moved to about $5 from its previous trading position of $13.
The whole debacle was among the token developers who saw the CTO of the protocol Joseph Delong leave his role within the company. Since then, the community has been working out a way to push the token higher, which was one of the pushes behind the employment of Daniel Siesta.
More DeFi tokens post gains
Although SUSHI is still expected to lose in the last 30 days, the digital asset has recorded a massive 33% rise in the market in the previous seven days. Meanwhile, Terra protocol‘s native token LUNA looks like the golden horse in the DeFi market at this moment. Going by statistics, the not-so-popular token has triggered a massive 15% rise recorded in the last 24 hours. With that, the token has been able to move above the $63 that it traded some days ago to stay above $100.
The price of the native DeFi token of Terra recorded a gain of about 54% in the last seven days, with analysts attributing its rise to the purchase of the protocol’s stablecoin, the UST. The UST has been doing well in the market; little wonder it touched high above DAI in the last few weeks. AAVE is also not late to the party as the native DeFi token of the Aave protocol is now trading around $256, signaling a 13% jump in the market.