Major Crypto Assets Paint in Red Yet Popular DeFi Tokens Retrace


Bitcoin, Ethereum and XRP price slashed miserably

Bitcoin bull rally seems to have halted mid-way with the price trembling down below $13500. The week started with the hopes of the BTC price crossing $14000 but currently, the fear of the asset attaining back its positions below $12500 have been wandering within the community. 

At the time of composition, BTC prices stand at $13,329 with a massive drop of 2.45 percent in the price.

On the other hand, Ethereum, which had almost cross $400 mark multiple times in the past week, again gets rejected within no time. The immense buying which had carried the ETH price above $400 levels was bought down with the heavy sell-off. 

In fact, ETH also visited below $380 before standing at $382.75 with a loss of 0.95 percent at the press time.

However, the market sentiments still remain neutral to bullish in case of both BTC and ETH where more buy’s might takeover once the selling pressure eases. 

DeFi tokens rebound with good numbers

In a converse move, the DeFi space is speculated to have entered the retracement phase. The tokens like MKR, UNI, YFI have initiated correction phase but the most dominant token LINK seems to have followed Bitcoin.

With the Maker DAO protocol announcing partnerships, the native token MKR have seemed to have recovered the losses incurred in the past couple of days. Currently, MKR is up by 1.53 percent and stand at $527.53 But, to your surprise, the sell-offs have initiated at the press time which may soon affect the price downwards. 

The most thrilling token YFI which is known for a large pump and dump has also followed Bitcoin’s footsteps by maintaining a narrow range. It appears like the investors are waiting to sell-off their holding as the YFI price touches a slab, let it be of $10,800 or above $11,000. Yet again start purchasing at the dip.

Currently, YFI price stands at $10,451 with a gain of 3.83 percent which might be the result of accumulating YFI tokens.

At last, Uniswap token which has the potential to provide great returns in the coming days, have also entered the correction phase. The token which has slipped below the levels in the past several days might have initiated to recover from losses. 

Currently, at the time of composition, UNI price is $2.28 with a price hike of 1.30 percent. However, the market sentiments are neutral now, which indicates that the investors and the holders are HODLing expecting a major breakout.

The crypto-assets and the DeFi tokens both share their own consolidated share in the whole crypto space and hence the swing in the price may impact on each other. However, the dark clouds are only for a specific time which is meant to fade!!

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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