The cryptocurrency market has seen a significant increase in value over the past few weeks, with Bitcoin reaching an all-time high of $8,000. This has led to a surge in Initial Coin Offerings (ICOs) and blockchain projects, which have also seen record highs.
The tvl crypto is a cryptocurrency that has been on the rise lately. It hit an all-time high of $233B recently.
On Oct. 20, bullish mood was strong throughout the cryptocurrency market as Bitcoin (BTC) surged to a new all-time high of $67,000, thrusting the digital asset into unknown territory, and investors are monitoring how altcoins and DeFi tokens respond to the move.
Fear and Greed Index for Cryptocurrencies. Alternative.me is the source of this information.
BTC’s bullish breakout has helped the DeFi sector as well, with total value locked (TVL) across all DeFi protocols reaching a new high today.
There is now more than $233.88 billion in value locked in protocols across the various blockchain networks, according to data from DeFi Llama, which collects data from DeFi protocols across all major blockchain networks, including Binance Smart Chain (BSC), Avalanche (AVAX), and wrapped Bitcoin (WBTC). AAVE now holds the lead with $18.79 billion in value locked up, while Curve is in second position with $17.97 billion.
In DeFi, the total amount is locked. DeFi Llama is the source of this information.
WBTC is currently placed fourth in terms of TVL, with $14.51 billion in value deployed throughout the DeFi landscape, thanks to the rising price of Bitcoin.
Trader Joe’s stock has risen 57.2 percent in the last seven days, while Rari Capital’s stock has up 50.57 percent. Yield Yak increased by 36.52 percent.
Top TVL gainers during the last week. Token Terminal is the source of this information.
DeFi receives a steady stream of new users.
Aside from increasing token prices, the DeFi ecosystem has seen a surge in new user intake, with Dune Analytics reporting that 3,591,876 unique wallets have now interacted with at least one DeFi protocol.
Over time, the total number of DeFi users has increased. Dune Analytics is the source of this information.
Despite the influx of new users, trade volumes on decentralized exchanges (DEX) have stayed below May’s highs and are presently lower than previous months’ activity.
DEX volume on a monthly basis. Dune Analytics is the source of this information.
One potential reason for this is the increasing attention on BTC in recent months, as conjecture over whether a Bitcoin exchange-traded fund (ETF) would be approved and if BTC would reach $100,000 by the end of 2021 dominated discussions.
Ethereum price retakes $4K, bringing it closer to its own all-time high.
The rise of stablecoins suggests that crypto will be in high demand in the future.
The continuous integration and injection of stablecoins may be another element leading to DeFi’s development.
Rises in the circulating quantity of Tether have a long history of occurring in tandem with increases in the price of Bitcoin, and this most recent rally is no different, as the circulating supply of USDT reached a new all-time high on the same day as BTC did.
Tether’s market capitalization has now exceeded $70 billion. twitter.com/R0gO3Nk2SB
October 20, 2021 — Chris (@ChrisBTCbull)
The entire value locked on Curve, which particularly deals with the establishment of stablecoin pools for usage throughout the ecosystem, demonstrates the significance of stablecoins to the broader DeFi economy.
The total cryptocurrency market capitalization is currently $2.635 trillion, with Bitcoin commanding 47.5 percent of the market.
The author’s thoughts and opinions are entirely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
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