DeFi Tokens Are the Evolution: AVAX Tops as Three Other Cryptos Stay Bullish
- DeFi tokens are one of the biggest game changers in the crypto space.
- Avalanche (AVAX) and more of these tokens are showing strong bulls.
- These cryptocurrencies have the same consistent traits.
As we all know, the DeFi system is taking over. In fact, many Defi tokens are doing great. Three years on, DeFi gained more momentum than ever. In particular, Avalanche (AVAX). Looking back, DeFi started as a mere concept by a group of software developers and entrepreneurs. The new-breed financial services were built on a blockchain and came to strip out traditional banking systems.
Remarkably, four cryptocurrencies including Avalanche (AVAX), have by far shown great prospects for investors looking to take advantage of the market. Most often than not, some of these tokens act in a similar pattern, in terms of trading metrics and social sentiments.
These five tokens all exhibited the same characteristics. Such as:
Firstly, the tokens averaged an increase in value when measured after 24, 48, and 72 hours with many bullish conditions. Secondly, they proved extreme bullish conditions after they rose within 24, 48, and 72 hours on average. Lastly, the minimum average gain over 72 hours upon an extreme flag surprisingly reaches 10%.
DeFi dominates the crypto market with a 17.44% mark and a $101.08 billion Total Value Locked (TVL). In the past 90 days, the DeFi value consistently surges to an ascending trend, showing the rise in interest among crypto investors.
Using historical analysis, Avalanche (AVAX) seems a more obvious choice for crypto investors. Not only because of the price appreciation, but also, because the gains have fortified the algorithm’s thesis fully. AVAX’s TVL increased by more than 10% to a record high of $8.5 billion.
What’s more, Terra (LUNA) ranks as DeFi’s largest market with a market cap of $17 billion. LUNA represents the DeFi markets’ 11.4%. LUNA currently trades at $42.45 with a market volume of $469,867,558.
On the other hand, Chainlink (LINK) records the second largest after it outranks Uniswap, gaining over 10.6% in the past few days. Moreover, Fantom (FTM) is the biggest gainer for the week with its TVL growing by 30% from $4.3 billion to $5.6 billion to amass 2.2% of DeFi liquidity.
In summary, while the aforementioned is simply an indication and does not promise any specific outcome, traders should carry out their own research before investing. Though, investors can be confident to venture into some of these tokens as the demand for DeFi surges. This is because such cryptos appreciate and often last for a longer time.
Read more: https://coinquora.com/defi-tokens-are-the-evolution-avax-tops-as-three-other-cryptos-stay-bullish/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
