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Altcoin and DeFi Market Boom Following the Bitcoin Bull Run

YFI crosses $10K 

The whole DeFi space was ruined in the past couple of days, where the investors focused only on Bitcoin. Heavy selling took place in the altcoin market and DeFi space taking the tokens to the rock-bottom price, while BTC price soared high continuing Bitcoin bull run.

In a changed sequence, there seems to be a shift in the focus of the investors as the altcoin and the DeFi space recovers with the huge margin. Therefore, as Coinpedia has reported a possible Altcoin Season before the end of 2020, might have come in reality.

Yearn. Finance (YFI Price)

YFI price has slipped to the lowest ever levels possible in the past couple of days. Some of the analysts also predicted that the price may touch $7000, which happened to some extent. However, the YFI price seems to have regained its losses by crossing $10K and trying to sustain above the levels. At press time YFI price is $10,154 with a gain of 26.10%.

Uniswap (UNI Price)

Uniswap price which has the lowest levels just in the past working day managed to rebound dramatically. UNI price had dropped below $2 which recovered with a huge margin of 36.10% and price stands at $2.50

Synthetic(SNX price)

SNX price similar to UNI jumped drastically within hours. The trading volume also grew enormously. The SNX price also jumped from the lowest levels below $3 to the current levels at $3.41 with a huge gain of 31.17%.

Aave(AAVE Price)

Aave market capitalization has crossed $300 million with the price soaring above $35. The price jumped from $26 to $36.59 with a significant gain of 38.25% and doubled 24-hour trading volume in the past 24 hours.

Polkadot (DOT price)

Polkadot price also surges from the levels below $4 to touch $4.47 with a gain of 9.74% in the last 24 hours. 

What changed the market plot?

Most of the crypto enthusiast know that Bitcoin and Altcoin rally is inversely related most of the times(not necessary indeed). With the Bitcoin bull run, major altcoin sticks trending in the narrow region or some of them fall to bottom levels.

The most possible reason behind the current altcoin bull run might be the influx of the profits earned in Bitcoin bull run. Bitcoin price jumped nearly $5000 in just a month, which is considered as a huge margin. Therefore the probability of the profits being injected in the altcoins is more.

One of the crypto follower and influencer Lark Davis also tweeted the same.

Coinpedia had also reported earlier that the DeFi tokens like YFI, UNI, etc would shell off their gains to touch the lowest possible levels. Hence pointing towards the probable better time to invest well before the drop.

Therefore, do you think the current market trend points out towards the start of the ‘Altcoin Season’ which may reward good profits?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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