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DeFi tokens lead the market higher as Bitcoin price searches for momentum

CryptocurrencyFeb 06, 2021 01:00AM ET
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DeFi tokens lead the market higher as Bitcoin price searches for momentum

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 trend permeating the DeFi sector, positive comments from big-name investors touting the benefits of blockchain technology and DeFi appear to be lifting sentiment throughout the sector.

Currently, Bitcoin price is still struggling to reclaim the $38,000 level and according to Cointelegraph analyst Marcel Pechman, top traders may have added to their short positions as BTC rallied toward $38,000 on Feb. 3.

Daily cryptocurrency market performance. Source: Coin360
AAVE vs. MKR vs. COMP percentage growth 4-hour chart. Source: TradingView
BTC/USD daily chart. Source: Coin360

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DeFi tokens lead the market higher as Bitcoin price searches for momentum
 

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Comments (2)
Richsand Abat
Richsand Abat Feb 07, 2021 1:52AM ET
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i need help
Steve Dave
Steve Dave Feb 06, 2021 1:10AM ET
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btc to the moon
 
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