DeFi Value Drops 16.7% as Locked Ether (ETH) Drops Back Below 3 Million while Bitcoin Jumps 18.6%

Must Read

Ethereum Blockchain: Current news and prediction round the future

 Ethereum is more sheltered than you may think, but by means of a decentralized app or exchange that hasn't...

Racing For Heroes selects Gen2 Technologies as a Key Technology Partner

SPARKS, Nev., April 7, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is proud to...

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory....
- Advertisement -
Earn Free Bitcoin

Following the crypto winter of 2018 and a rather dull 2019 for the large-cap altcoins, they started seeing a surge in interest over the past few weeks. During these past two years, these cryptos lost a significant amount of value compared to the leading cryptocurrency.

In 2020, however, altcoins are the ones outperforming bitcoin. While Bitcoin jumped only 28% year-to-date, BSV has jumped 171%, Dash 124%, Tezos 113%, Ethereum Classic 101%, and Link 90% just to name a few.

Ethereum has also been doing much better than Bitcoin, up 93.15% in 2020 so far. Currently, Ether is trading at $252.78 with 24 hours loss of 4.21% while managing the daily trading volume of $221 million, down from $440 million earlier in the day on the top ten exchanges with real volume.

However, analysts are still bullish on the second-largest cryptocurrency by market cap of $27 billion.

DeFi Takes a Hit

Just like the price of Ether, the total value locked in DeFi (decentralized finance) is also on a decline. From $1.219 billion on Feb. 15, TVL has dropped to $1.015 billion, recording a fall of 16.7%, as per DeFi Pulse.

As for the Eth locked in DeFi, it has also taken a fall. In early Jan. It broke the 3 million ETH record and was at its peak at 3.191 million Ether on Feb. 2nd. But now registering a drop of 11.7%, we are back below 3 million to 2.816 million ETH being locked in DeFi.

While the locked Ether fell, the total Bitcoin locked in DeFi jumped 18.6% while DAI saw a decrease of about 8%.

An Alt rally or Purge?

This past week, Ethereum trading volumes at the largest cryptocurrency exchanges reached recent weekly highs, as per crypto data provider TradeBlock. The notional trading volumes of Ether spiked to July 2019 levels on US exchanges; Coinbase, Gemini, Bittrex, LMAX Digital, Bitstamp, Kraken, and itBit, when the price was at the yearly high as well.

LMAX Digital recorded the greatest market share increase over this past year among the crypto exchanges that offer ETH/USD trading pair. Coinbase and Kraken meanwhile maintained their largest market share.

Analyst Ceteris Paribus observed that the “implied vol on BTC options 3-month low while near 3-month high for ETH.” This suggests there is “a lot of uncertainty around the next move for alts.”

Before we even entered into 2020, altcoins have been rallying, harder than bitcoin and now implied volatility, with Ethereum as the basis, indicates traders might be expecting the next big move in altcoins yet again.

“Re-establish the alt rally or continue the cleansing on btc pairs,” said Paribus.

- Advertisement -
- Advertisement -

Latest News

Bitpanda raises $170M in funding round

Austria-based cryptocurrency firm Bitpanda has closed a $170 million funding round to further the firm's international growth.
- Advertisement -Earn Free Bitcoin

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...

DigiShares Releases Industry Report on Real Estate Tokenization

DigiShares, a white label security token issuance solutions provider, has released a detailed report outlining the state of the global...

Gen2 Technologies (MNIZ) To Hold Quarterly Update

SPARKS, Nev., March 29, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) wishes to inform its loyal shareholders that it...

Digital Securities & Tokenization Summit Announced for May 2021

Press Release 24 March 2021 DigiShares, the end-to-end white-label platform for...