While Bitcoin’s bullish players are trying to turn the $18,000 into support, DeFi investors are pocketing large triple-digit sums.
Since hitting USD 18,476 on November 17, the price of Bitcoin has been flirting with the USD 18,000 level as bullishers struggle to turn the level into support and chase the all-time high of USD 19,789.
Large buying walls above $17,200 indicate that the Bitcoin rally is ready to continue
While this battle is going on and most crypto-currencies and conventional financial means have their eye on the price of Bitcoin, a number of not-so-loved cryptoactives are producing great returns for investors.
DeFi Asset Index.
As shown in Messari’s DeFi asset index, many of the major tokens are registering significant double-digit gains.
In the last 7 days, AAVE bounced off its double bottom to rise 214% and is currently trading slightly above USD 80.
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It is likely that day traders (buying and selling on the same day) are playing at controlling support/resistance within the upstream channel pattern. At the time of writing, AAVE trading volume, convergence/divergence moving average, and relative strength index still reflect a healthy amount of bullish interest.
Even Curve Finance’s CRV governance token, one that many crypt-currency investors have described as lagging completely, achieved a clean double bottom investment and recovered 176% to USD 0.84.
After being short traded almost to death by the likes of Sam Bankman-Fried and other professional traders, the Yearn Finance (YFI) token is also causing a stir with an 83.5% gain in the last week.
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On November 18th, the price of YFI was at the 50% retracement Fibonacci level (USD 25,500) and the bulls were trying to turn the level into support. In the last hours, they succeeded in doing so and the price broke through a gap in the visible range of the volume profile (VPVR) to reach a new daily high of USD 29,850.
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Not surprisingly, YFI clones like DFI. Money (YFII) and YF Link (YFL) also followed the same path and each went up 58% and 49% respectively.
SushiSwap changed places with Uniswap
The SushiSwap governance token (SUSHI) also captured the attention of investors after losing more than 95% of its value in September, when Chef Nomi, the development leader, dumped approximately $13 million in SUSHI on the open market.
As reported by Cointelegraph, this week marked the end of Uniswap’s liquidity pool rewards and rival exchanges such as SushiSwap, 1inch and Bancor have increased the percentage annual return of rewards offered on their assets to attract former Uniswap liquidity providers.
Total blocked value (in USD) at SushiSwap.
In fact, this week, Uniswap experienced a $1.3 billion (57.5%) drop in its total blocked value as users looked for greener pastures on other DeFi platforms. When this happened, SushiSwap saw a rise of over 300% and in the last week the token has rebounded 127% to trade at USD 1.63.
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In general, most DeFi tokens are currently in black numbers and Digital Assets Data and DeFi Pulse data show an increase in daily active users, total blocked value (TVL) on all platforms and daily transaction volumes.
Total blocked value on DeFi platforms. Source: Digital Assets Data
Why all the fuss about Yearn Finance (YFI)?
A similar price action can also be seen on many altcoins, suggesting that while Bitcoin is consolidating and trying to convert the $18,000 into support, traders have once again opted for DeFi tokens and altcoins.