The major cryptos like Bitcoin and Ethereum continue to plunge the second consecutive day
Regardless of the crypto space bleeding, some of the DeFi tokens like UNI, AAVE, SNX, etc surge
Ethereum price avoids a steep crash by sustaining above certain levels, and swelling DeFi may be one of the reasons
UNI Surges More than 13% While AAVE Follows
The major cryptocurrencies in recent times are experiencing a steep downfall for the second consecutive day. The global market capitalization and the trading volume also has dropped notably. Bitcoin price and Ethereum price slash with significant numbers while the other cryptos in the top 10 have also dropped.
Amidst the free-fall, the DeFi space appears to have managed the trembled situation as some of the significant DeFi tokens surge. The tokens like Uniswap, Aave, Synthetix, etc keep the bullish momentum elevated.
Among all the tokens that surged the spotlight remains on UNI price that surged remarkably 13.39% to touch $14.11. It is just 0.58% away from its ATH at $14.19. If the uptrend continues in the next couple of days, the UNI may even enter the top 10 cryptocurrency list very soon.
Coming to Aave, the AAVE price also had a pretty good jump-off more than 7% to touch $272.52. The price is strongly heading towards the ATH which is formed at $285.43 and expected to form new ATH very soon.
Ethereum Price Sustains above the Levels
The swelling DeFi space has kept the eyebrows raised, as the total value locked has risen notably above $26 billion. Maker, AAVE and Compound occupy the first three positions built on the Ethereum chain.
The surging DeFi space is one of the reasons, Ethereum price is not undergoing a major plunge. However, the price had plunged to the lower levels but rebounded at the strong support levels at $1245 twice within a small time frame.
According to the analysts, Luke Martin Ethereum price is going through a pattern of
- Make new highs
- Reclaim daily open with 4hr candle and push to new highs
However, he also specified that the pattern may not repeat but expects some new highs if the pattern continues yet another time.
Collectively, the DeFi tokens currently are surging keeping the market cap and the volume of the DeFi space elevated. However, the uncertain crypto space may flip at any moment and Bitcoin price rally may resume escorting the other crypto asset price to the next levels.