Analyst Predicts New Highs for DeFi Tokens! Will DeFi Emerge in 2021?
SmartContracter, a cryptocurrency researcher and influencer on social media, has announced that he is now “basically all in” on decentralized finance (Defi) tokens and Ethereum, with “literally 0 BTC.”
The analyst disclosed his stance on Twitter in a series of tweets revealing his bullishness on Ethereum and a few decentralized finance tokens, including Aave’s AAVE, which he believes has a lot of room to develop, and SushiSwap’s SUSHI.
SmartContracter has stated several times on Twitter that he believes we are entering a “DeFi Summer,” in which decentralised finance tokens outperform the rest of the sector.
When it comes to AAVE, SmartContracter believes the cryptocurrency’s impending new all-time high is noteworthy because it paves the way for the rest of the DeFi market, as well as because breaking through previous resistance after months of consolidation could see it jump dramatically, perhaps “upwards of $2,000.”
Over the last few months, the DeFi space has grown at a breakneck rate. According to DeFiPulse numbers, a total of $960 million was locked in the space a year ago, while the figure is now $79.5 billion. Similarly, 2.6 million ETH were trapped in the room a year ago, compared to over 10 million now. The overall amount of projects like Maker, Compound, Aave, and Uniswap is in the billions of dollars.
The cryptocurrency influencer has been betting on AAVE since at least February, and the cryptocurrency’s price has risen from $450 to $644 at press time throughout that time.