Daily cryptocurrency market performance. Source: Coin360
Elon Musk made waves again as his “DOGE” tweet resulted in a sharp volume spike which sent out Dogecoin (DOGE) into a 48% rally to $0.054. XRP price likewise broke out, rallying 12.45% to a daily high at $0.4365.
Universal Market Access (UMA) saw its rate explode by 158% to reach a new all-timeat $44.25 before fixing to its present value of $33.13. Decentralized exchange liquidity provider 0x (ZRX) likewise spiked 70% to a brand-new 2021 high at $1.35.
AAVE vs. MKR vs. COMP portion growth 4-hour chart. Source: TradingView
DeFi lending platforms AAVE, Compound (COMP) and Maker (MKR) all developed brand-new all-time highs as their costs have spiked 46.68%, 36.6% and 22.69% respectively.
Conventional markets rally greater
Traditional markets also caught an increase as stocks saw their 4th straight day of gains led by tech stocks like eBay (EBAY), which saw its price increase by 5%, and PayPal (PYPL) whose shares rallied 7%.
The S&P 500, Dow and NASDAQ all closed the day well into the green, up 1.09%, 1.08% and 1.23% respectively.
DeFi brings in mainstream attention
Increased attention from magnate like Mark Cuban and organizations such as Grayscale Investments has actually brought increased attention to the crypto sector and also highlights the quickly increasing involvement of standard finance in the cryptocurrency ecosystem.
Several DeFi tokens saw their prices breakout on Feb. 4 as Bitcoin (BTC) and Ether (ETH) prices traded sideways for the day. Aside from the general bullish pattern permeating the DeFi sector, positive comments from prominent financiers promoting the advantages of blockchain technology and DeFi seem raising belief throughout the sector.
Currently, Bitcoin rate is still having a hard time to recover the $38,000 level and according to Cointelegraph analyst Marcel Pechman, leading traders may have added to their short positions as BTC rallied towards $38,000 on Feb. 3.
BTC/USD daily chart. Source: Coin360
With MicroStrategy CEO Michael Saylor offering a Bitcoin Bootcamp to more than 1,400 publicly traded business over the past 2 days, the current rate motions and increased trading volume seen today could be the start of broader adoption and increased inflows into Bitcoin and the emerging DeFi ecosystem.
The total cryptocurrency market cap now stands at $1.13 trillion and Bitcoins supremacy rate is 60.9%.
Title: DeFi tokens lead the marketplace higher as Bitcoin rate look for momentum
Sourced From: cointelegraph.com/news/defi-tokens-lead-the-market-higher-as-bitcoin-price-searches-for-momentum
Published Date: Fri, 05 Feb 2021 03:54:09 +0000 Share on TwitterShare on FacebookShare on LinkedInShare on RedditShare on Pinterest2021s Most Anticipated Growth & Wealth-Building OpportunityJoin Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency TogetherCLAIM YOUR SEAT!Read More