Bitcoin is having a bad September, but the past 48 hours have been relatively stable. Still, DeFi tokens take huge losses.
Hard times have begun for DeFi tokens, cryptocurrencies associated with decentralized finance protocols.
After a promising recovery in line with Bitcoin’s performance last week, DeFi tokens failed to catch up with this recovery, and most of them fell drastically yesterday. Meanwhile, Bitcoin is holding steady at around $ 10,700 for hodlers.
Almost all of the top 100 cryptocurrencies in DeFi, ranked according to metric site CoinGecko, were in red yesterday. Some of the biggest cryptocurrencies such as Yearn.finance’s YFI, Chainlink (LINK) and UMA were the worst-performing assets of the day: YFI dropped 20%, LINK 10%, and UMA about 10%.
The worst performing DeFi token of the day, Hakka, dropped more than 30%. While this would be the kind of drop that would give any Wall Street investor a heart attack; Not out of the ordinary in the volatile cryptocurrency world, particularly DeFi and yield farming, which is still very young.
Stability Prevails in Bitcoin
Bitcoin is pretty stable right now. And that hasn’t changed even after the $ 200 million cryptocurrency exchange KuCoin hack. Normally, such hacks cause shock waves in the cryptocurrency market. But not this time. Bitcoin continues to trade horizontally after last week’s recovery.
The $ 11,000 price mark is still the next hurdle for Bitcoin bulls to be overcome. For several hours the day before, Bitcoin seemed determined to overcome this hurdle, but the market was unable to maintain momentum.
September has historically been a bearish month for Bitcoin. Over the past three years, there has been a notable drop in price every September.
Meanwhile, only one of the top 10 cryptocurrencies has seen positive gains in the past 24 hours: BNB, Binance, the largest local token of the cryptocurrency exchange by volume. Increased 3.22% and reached $ 28.20. All other assets, including Ethereum and XRP, saw marginal losses during the day.