DeFi Tokens Leading The Market As BTC Nears 35k

Several DeFi tokens are seeing considerable surges in the market as Bitcoin nears US$35,000, pushing the total crypto market to over $1.5 trillion again.

Bitcoin fell to US$33,000 on the weekend, quickly bouncing to US$35,000 again this week. The altcoin market, despite marking some minor losses, has seen a strong surge by double digits – especially in the DeFi sector.

DeFi Market Grows 7% in 24 Hours

The DeFi market cap has surged over US$79 billion, representing 5.3 percent of the total market and locking US$96 billion in TVL (Total Value Locked), according to CoinGecko. 

DeFi tokens and altcoins are now taking the lead, including the Australia-founded Synthetix (SNX). At the time of writing:

• Ethereum (ETH): 3.4% – US$ 2,319.23
• Uniswap (UNI): 11% 24h – US$22.33 
• Binance Coin (BNB): 6% 24h – US$318.59
• Cardano (ADA): 2.59% 24h – US$1.41
• Litecoin (LTC): -0.97% 24h – US$138.37
• Chainlink (LINK): 7.69% 24h – US$20.04
• Aave: 7.11% 24h – US$319.70
• Synthetix (SNX): 10.76% 24h – US$11.77

Synthetix has been recovering from some minor losses last weekend, while Aave has surged in price after the protocol announced it would launch a permissioned version of its lending platform, following strong demand from financial institutions.

Bulls Regain Control of BTC

Bitcoin has been stagnating in price levels of US$32,000 – US$35,000 in the last weeks, followed by several tweets from Elon Musk and China’s constant crackdown on BTC miners across the country.

However, bulls are regaining control of the market and closing the gap. It seems the crypto community is ignoring Musk’s attempts to pump or dump cryptocurrencies like Doge – but if Tesla resumes BTC payments for its vehicles and if BTC mining becomes more eco-friendly, it could still give BTC a considerable boost and break the US$40,000 barrier.

As reported, more than 25 Bitcoin mining companies have joined forces to make BTC mining greener thanks to the Bitcoin Mining Council, which has gathered information from over 32 percent of the current global network. According to the results, the global mining sector is using electricity with a 67 percent sustainable power mix.