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Bitcoin’s Momentum Search Leads It To Have DeFi Tokens Lead The Market

CFTC Committee Educates Itself About Decentralized Finance

The 4th of February saw a number of DeFi tokens witness price breakouts, with Ether and Bitcoin trading sideways within that same time frame. The DeFi sector is seeing a bullish general trend saturating its space, which only improved thanks to big-name investors singing the praises of DeFi and blockchain technology.

Everyone’s Going For Crypto

As it stands now, Bitcoin’s price is still struggling to push past to the $38,000 mark it once held. Some analysts are speculating that the short positions of the top traders out there may have been added to when Bitcoin rallied towards $38,000 back on the 3rd of February.

Some of the more notable events in this front were when Elon Musk started to make waves (yet again), this time regarding his tweet focused on the DogeCoin. With this tweet, the man managed to spawn a massive volume rise in DOGE trading, with the asset seeing another rally of 48% and going up to $0.054. Even XRP managed to catch a breakout, despite the looming threat from the SEC, and managed to go up to $0.4365, 12.45% higher than before

DeFi Projects Rising Across The Board

DeFi

Another asset that saw great benefit from the price rally was Universal Market Access, or UMA.  The asset went up by 158%, breaching new all-time highs of $44.25. The asset couldn’t sustain that level, however, and reached a price of $33.13 when it finally corrected itself. Even the 0x decentralized exchange liquidity provider saw its coin, the ZRX receive a 70% boost, going up to a new high of $1.35.

As one would imagine, the major lending platforms of the DeFi space, such as Compound (COMP), AAVE, and Maker (MKR), have all seen new all-time highs be recorded. These assets reported rises of 36.6%, 46.68%, and 22.69%, respectively.

Traditional Markets Gaining Some Too

Even the traditional markets saw a great boon. The stock market is going on its fourth day of straight gains, with tech companies such as PayPal and eBay managed to gain noteworthy amounts, as well. Paypal managed to rally by 7% as eBay increased by 5%. Even the DOW, S&P 500, and NASDAQ all saw improvements, each going up by just over 1%.

Business leaders such as Mark Cuban, alongside institutional players like Grayscale investments, have all started to put the attention of the public eye within the crypto space at large. Alongside this, it seems that traditional finance is steadily becoming more and more involved with cryptocurrencies. No doubt the two will be hard to tell apart from each other, in time, as the crypto space gets integrated.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.