The decline of Bitcoin (BTC) from $ 12,000 to $ 10,000 affected the DeFi tokens the most. Popular tokens such as Chainlink (LINK), Aave (LEND), yearn.finance (YFI), Compound (COMP) and more are experiencing double-digit losses.
However, cryptocurrency exchanges such as Binance and Poloniex continue to list DeFi assets, demonstrating confidence in the industry. The recent decline of Bitcoin from the $ 12,000 level to the $ 9,900 price area causes all cryptocurrency markets to suffer. Additionally, XRP once again lost 3rd place to Tether (USDT).
DeFi Tokens Hurt Big
Alongside the major cryptocurrencies, DeFi tokens also appear to be heavily affected by the ongoing crypto market sale. Starting with ChainLink (LINK), the digital asset lost its $ 12 support zone, defined as a possible bounce area next to the 50-day moving average.
Popular DeFi coin Yearn Finance (YFI) has suffered a significant drop. Its current value is about 50% lower than its all-time high of $ 39,300. Other DeFi tokens that exhibit double-digit losses include Synthetix (SNX), SushiSwap (SUSHI) and Just (JUST).
Analysts say Yearn.finance (YFI) remains in an advantageous position, despite a strong correction.
Like Bitcoin (BTC), Ethereum (ETH), and other top digital assets, YFI has faced a strong retracement in recent days as the old markets were crushed by the rising dollar rate. Decentralized cryptocurrency fell sharply. Ethereum-based cryptocurrency has faced a drastic correction in recent days after approaching its $ 40,000 high.
Analysts say YFI has enough room to grow after the strong downtrend. Santiment, a blockchain analytics firm, recently shared a tweet explaining why YFI remains positive in a long-term perspective. The company stated that Aave users have deposited YFI into the lending pool, the social volume for the cryptocurrency remains strong, and the data shows that a large accumulation has been made with the cryptocurrency. All these trends working in the merger can raise YFI higher in the long run.
Cryptocurrency Exchanges Continue to List DeFi Tokens
However, despite the sales in the crypto market, popular exchanges like Binance and Poloniex consistently list DeFi tokens.
Regarding Binance, the exchange has listed the following DeFi tokens since July: Yearn Finance (YFI), Wrapped BTC (WBTC), Balancer (BAL), Curve Finance (CRV), Sushi (SUSHI), DFI.Money (YFII) ), Tellor (TRB), Dia (DIA), Rune (RUNE) and more.
Poloniex followed a similar path by listing multiple DeFi tokens such as Pearl Finance (PEARL), AlphaLink (ANK), JackPool.finance (JFI), Carrot Finance (CRT), Salmon (SAL), Corn (CORN), tBridge Token.
The constant listing of DeFi tokens by Binance and Poloniex is proof that the industry is just getting started. Market losses may only be temporary, but DeFi tokens may take time to recover.