While Bitcoin Hypnotizes Everyone DeFi Sector Displays Significant Gains
On Dec 21, 2020
Bitcoin has been quite impressive these days and continues upward movement. At the same time, the DeFi sphere becomes stronger.
Everyone talks about Bitcoin these days. The price increase in Bitcoin attracted many individuals to the sector, even those not engaged in Bitcoin. Bitcoin stood up at the price of 19k. There was strong resistance at the price of $19500. It took weeks to pass that level. After passing 19.5k, there is not any significant resistance level till 24k. If people continue to hold bitcoin then this rally will continue even more.
Bitcoin Boosted DeFi
DeFi was inspired by the price increase in Bitcoin. Bitcoin played a significant role in the boom. Following Bitcoin, almost all altcoins displayed price increase in recent days. The price increase caused an upswing in DeFi, and the total value locked reached its all-time high. DeFi rally began on December 12, and the TVL was $14 billion. From that day till now, TVL increased by 16% and achieved $16.776 billion. Today TVL decreased a little bit, and now it is $16.574 billion.
There are other explanations for the rise as well. Bitcoin is the market leader, and it affects other cryptos significantly. When Bitcoin hit ATH, individuals who were late to buy Bitcoin chose to buy altcoins instead. According to the ViewBase, perpetual swap predicted funding rates are positive and prove that speculators are bullish in the altcoin market. This bullish trend in cryptos is the result of FOMO. Some tokens have been introduced to the market during the crypto boom, and they get attention from the crypto enthusiast.
The Graph Token
The Graph token is the native token of the Graph, and it helps apps finding and sorting the blockchain data. The market capitalization of this token increased from zero to $783 million just in 3 days. According to CoinMarketCap, it holds 37th place in the market capitalization. The price of this token more than doubled in 3 days from $0.26 to $0.62. Today the value of Graph is $0.59. This token will attract a lot of attention from the DeFi.
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