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Friday, March 5, 2021

DeFi Market Turns Bullish – UNI, LEND & YFI Stockpile Gains

The Crypto space witnessed a pretty good weekend with the major crypto assets like Bitcoin, Ethereum surged with decent gains. The bullish pattern attracted the DeFi space too with nearly a 12 percent overall increase in the market capitalization.

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Below are listed the top gainers within the DeFi space

Aave (LEND)

The first token appearing in our list of gainers is Aave(LEND) with a massive gain of 19.58 percent in the last 24 hours. The token’s market capitalization also almost doubled, however, the 24-hour trading volume remained low compared to the volume in the last week. 

LEND is priced at $0.486857 with an increase of 19.58 percent at the press time. The price surge from $0.259851 to the current levels with a market capitalization of more than $183 million. 

Uniswap (UNI)

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The next among the gainers in our list is the token which had set the DeFi space on fire. UNI token is priced at $3.20 with a gain of 7.16 percent at the press time. 

The market capitalization has also surged to touch above $645 million with an increase of about $100 million. Considering the technicals, the token after a slight dump has again entered the correction phase. However, the selling pressure is still concentrated and hence the UNI price is expected to rise with the ease out of pressure.

Yearn Finance (YFI)

YFI is one of the most popular DeFi tokens which created history by surging at record levels within a small time frame since inception. After touching the highest peak above $40000, the YFI price dipped drastically below $12,500 levels. Currently, it seems to have entered the correction phase by touching above $15000 levels.

The token is priced at $14,629.69 with a gain of 3.91 percent in the past 24 hours. The 24-hour trading volume has also surged drastically in the past couple of days, which has crossed $2 billion at the press time.

The selling pressure at the reporting time seems to have diluted and hence we can expect a decent rise in the price in the coming hours. 

Apart from these three tokens, some of the other tokens like MKR and UMA also surged with a good margin. UMA and MKR tokens jumped with a rise of 15.16 percent and 2.07 percent respectively.

The whole DeFi space’s market capitalization has also increased by about 10.43 percent with a jump of $12.36 billion in the last 24 hours.

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