After a dramatic drop in the price and trading volume of decentralized finance (DeFi) assets in recent weeks, there are now signs of life in the nascent market.
Four decentralized finance (DeFi) assets are soaring as Bitcoin takes a break from its bullish rally and consolidates around $15,500.
Leading the big rebound in the sector is lending platform Aave after bottoming out on November 5th at $26.02 and rallying as high as $58.52 on November 9th, according to CoinGecko, for an increase of over 123%.
Following the DeFi surge is derivatives liquidity protocol Synthetix as its native asset SNX is up over 81% after rallying to $4.52 on November 9th from a low of $2.49 on November 5th.
Cross-chain digital asset exchange Thorchain is also part of the huge resurgence in DeFi with its native token RUNE surging as high as $0.63 on November 9th from a local low of $0.35 on November 4th to represent gains of 80%.
Decentralized exchange Uniswap is also in the green, printing gains of over 64% from its monthly low of $1.79 on November 5th to a seven-day high of $2.94 on November 7th.
The huge spike in the four DeFi coins comes after the crypto assets topped out and went on a downward spiral in mid-September, generating losses between 50% – 78% in less than two months.
The rally also coincides with Bitcoin’s consolidation after the leading cryptocurrency was rejected at $16,000.
Altcoins appear to be getting a breather as the king cryptocurrency pauses from its strong ascent from around $10,500 in October.
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