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DeFi

DeFi tokens rally higher with Link and Aave breaking new ground

  • Chainlink and Aave reached new highs but later surrendered the gains.
  • The entire DeFi market is now worth over $32 billion.
  • There were big movements with the majority of the DeFi tokens in the green.

It is a good day for DeFi tokens across the board as the majority of them register significant double-digit gains, with a few finding themselves in territories that they have never been before.

The top 50 DeFi tokens – by market capitalization – are in the green in the past 24 hours except for sUSD and Neutrino USD which were down by 0.15% and 0.14% respectively.

sUSD and Neutrino USD are down less than 1% in the past 24 hours | Source / CoinMarketCap

But the picks of the day are Chainlink (LINK) and Aave which reached new all-time highs today. 

Chainlink, the largest DeFi token with a market cap of $8.7 billion, is trading at $21.77, more than 14% higher than it did in the past 24 hours.

Earlier in the day, it reached a new peak of $22.69. While link marines – a devoted community of the cryptocurrency’s backers – were rallying for the token to break the $23 level, it ran out of steam and dropped below $22.

The trading volume of the digital asset shot up to $6.3 billion in the last 24 hours, an increase of more than 17%.

Chainlink reaches a new all-time high but falls short of breaching the $23 level | Source / CoinMarketCap

LINK’s rally could have been propped up by the recent announcement that Paxos is partnering with Chainlink in an effort to make its stablecoins available across the DeFi market.

Chainlink is up 33% in the past seven days.

Aave breaks new ground

Aave, a decentralized lending platform, nearly crossed $200 for the first time, according to CoinMarketCap.

The DeFi token reached a new peak of $199.43 but has since dropped to $189. It is up more than 26% – a price change of more than $50 – in the last 24 hours.

Aave reaches a new all-time high | Source / CoinMarketCap

At this price, Aave is up 65% in the past week and has performed better than all the top 10 DeFi tokens.

SushiSwap also performed well in the last seven days, gaining 52% in that period. It is trading at $7.12 as it enjoys an upsurge of 19% in the last 24 hours.

Wrapped Bitcoin (WBTC) and yearn.finance (YFI) are the only two tokens in the top 10 DeFi list that dropped in the past week. WBTC and YFI are down 8.35% and 9.46% respectively.

Overall, the DeFi market stands at $32.2 billion, a drop of 4.9% in the past 24 hours.

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