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DeFi tokens and NFTs rally higher as Bitcoin price drops below $19,000

Published 12/08/2020, 02:34 PM
Updated 12/08/2020, 04:20 PM
DeFi tokens and NFTs rally higher as Bitcoin price drops below $19,000

DeFi tokens and NFTs rally higher as Bitcoin price drops below $19,000

Bitcoin (BTC) and other major altcoins are either stuck in a range or are witnessing a correction. However, that is not the case with the entire crypto space because a few tokens have been outperforming major cryptocurrencies by a considerable margin.

In a world where yields have plunged to negligible levels, the DeFi ecosystem has attracted investors’ attention. Data from Dune Analytics shows that the number of unique Ethereum addresses participating in various DeFi protocols has surged from about 91,000 to over 1 million in a year.

Crypto market data daily view. Source: Coin360
COMP/USDT daily chart. Source: TradingView
WAVES/USDT daily chart. Source: TradingView
AXS/USDT daily chart. Source: TradingView

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