As Bitcoin, Ethereum Trade Muted, DeFi Tokens Steal Spotlight One Crypto Rallies 10% By Benzinga
© Reuters. As Bitcoin, Ethereum Trade Muted, DeFi Tokens Steal Spotlight One Crypto Rallies 10%
Amid mixed market moves, decentralized finance tokens posted heavy gains even as (CRYPTO: BTC), (CRYPTO: ETH) showed no signs of major gains or losses, in the last 24 hours.
What Happened: DeFi token Balancer (CRYPTO: BAL) was up by 10%, Mdex (CRYPTO:MDX) spiked by 7%, and Just token (CRYPTO: JST) gained at least 4% over the past 24 hours, according to CoinMarketCap data.
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This comes as BTC, the largest cryptocurrency by market capitalization, hovered around the $19,000 mark, declining over 1.23% as the global cryptocurrency market cap dropped 1.6%. Ethereum, the second-largest coin by market value, followed a similar trajectory, down 1.96% at $1280 as of press time.
Why It Matters: According to CoinMarketCap, the leading DeFi token (CRYPTO: UNI) rose 0.18% in the past 24 hours and 10.49% in the last seven days. Aave (CRYPTO: AAVE) spiked 18% and Maker (CRYPTO: MKR) was up 15% in the last seven days, at the time of writing.
Total value locked, a metric for measuring how much money is held in various protocols across DeFi, on Ethereum has declined by 1.92% to $30.25 billion over the past 24 hours, as per data from DefiLlama.
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