Decentralized finance (DeFi) coins have undergone an extremely strong recovery from last week’s lows. As of last night, at the highs of the recovery rally, there were a large number of top coins in the space that was up 100% from their lows.
While some of these gains have since been reverted, DeFi is holding up relatively well. Popular coins pertaining to this space including Aave (AAVE), Thorchain’s RUNE, and Synthetix’s Synthetix Network Token (SNX) are up 10% in the past 24 hours despite the drop in the price of Bitcoin.
Bitcoin is down $800 from its local highs and continues to range as it has seemingly formed a correlation with gold an inverse correlation with the U.S. dollar.
Below is a screenshot from CoinGecko that depicts this trend of strength in coins pertaining to the DeFi ecosystem:
Top ~10 cryptocurrencies in the top 100 by market capitalization over the past day from CoinGecko.
AAVE seems to be pulling away as the best large-cap cryptocurrency of the past week. As the data above shows, it is up 83% in the past seven days alone, having bounced strongly from its local lows.
DeFi coins faced a strong correction when Bitcoin began to rally, though capital has since spread out to include altcoins.
Strong fundamentals are underpinning growth in the DeFi space.
The total value locked in all DeFi contracts, in fact, just set a new all-time high at $12.5 billion. This is far above the $500 million figure seen closer to the start of the year.
The TVL of the DeFi space has remained consistently high, even amid the correction that was seen over the past two months.
This is largely due to the search for yield in DeFi and in traditional markets, which is forcing investors to keep their capital in pools and other yield farming opportunities to earn returns.
Innovation in the DeFi space also continues at a rapid clip. A number of developers in the space are releasing applications that will expand the reach that this space has in finance.
Bitcoin Cash, Stellar Lumens, Dogecoin Price Analysis: 10 November
Crypto Fear and Greed Index stood at 90, the same value as the previous day. Bitcoin Cash and Stellar Lumens saw heightened volatility in the past few days but were able to register good gains in the same time period. Dogecoin also made gains in recent days but its bullish momentum could be weakening.
The ascending trendline (white) showed that BCH has been forming a series of higher lows, indicative of an uptrend. But the most recent trading sessions saw losses for BCH, as it tested $265 as resistance and was rejected to the downside.
The MACD formed a bearish crossover above the zero line, indicating weakening bullish momentum.
The cyan arrow indicated that the past few trading sessions saw very low volume, and this indicated that selling pressure was not yet overwhelming.
It is possible BCH bounces off the ascending trendline. Hence, a close at or beneath $256 can be regarded as bearish for BCH, while another bounce upward could threaten to break past resistance at $265.
XLM bounced between support at $0.079 and resistance at $0.082 in the past couple of days. There was a bullish divergence seen between the Stochastic RSI and the price.
This could take XLM past resistance at $0.082, but the previous rise past the $0.082 level saw a drop with massive momentum for XLM.
XLM would have to breach and retest $0.082 to flip the level to support. This would indicate that the bears were beaten back momentarily. XLM can also be heavily influenced by Ethereum’s move and can mirror a surge, or drop, in price for ETH.
The RSI for DOGE was rising back toward bullish territory, yet the price faced resistance at the $0.0028 level. A rise past that would see DOGE face resistance at $0.00285.
While DOGE formed higher lows on its recent climb, it has to close above the most recent high at $0.00278 to preserve a bullish outlook.
If DOGE faced rejection at any of the aforementioned levels, it can be expected to drop as low as $0.00272, or support at $0.00268.
Author: by admin
Top 8 Cryptocurrency Sleeping Giants Set to Take Off November 2020 | Bitcoin and Cryptocurrency News
What are the best altcoins to buy in November 2020? Which cryptocurrency is the best investment into 2021? Let’s discuss the latest bitcoin, ethereum, chainlink, cardano and other altcoin breaking news!
Altcoin Daily, the best cryptocurrency news media online!
#Bitcoin #Cryptocurrency #Invest #Crypto #TheFed #News #Litecoin #Cardano #Ethereum #DigiByte #Litecoin #Invest #Binance #Elastos #PundiX #Tron #IOTA #Ripple #XRP #Starbucks #StellarLumens #Google #Vechain #cryptocurrency #news #btc #eth #litecoin #marketanalysis #entrepreneur #business #success #investment #finance #bitcoins #StockMarket #BestCryptocurrency
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, cryptocurrency, crypto, altcoin, altcoin daily, blockchain, news, best investment, top altcoins, ethereum, best altcoin buys, 2020, top altcoins 2020, bitcoin crash, xrp, cardano, chainlink, ripple, buy bitcoin, yearn finance, bitcoin price prediction, Cryptocurrencies, cryptocurrency news, cryptocurrency news media, cryptocurrency investing, bitcoin news, november 2020, how to stake ethereum, Top 8 Cryptocurrency Sleeping Giants, crypto news, best altcoins to buy in November, cryptocurrency best investment,
#bitcoin #cryptocurrency #cryptocurrencynews
This video was created on https://www.videorankme.com
Author: by admin
BITCOIN HAS ENTERED BREAKOUT TERRITORY! BTC PRICE MOVE MOMENTS AWAY?!
Bitcoin price has entered 74% to the apex of a key symmetrical triangle we have been tracking on the charts. Which direction will the next BTC price breakout to and will it happen in the coming hours?
🔒 (NANO LEDGER) PROTECT and store your crypto on what I consider the best offline storage – – – – https://shop.ledger.com/pages/ledger-nano-x?r=5e773e616c7e&tracker=MY_TRACKER
📝 *The above video references an opinion and is for information and entertainment purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. This video contains my opinion only and is not meant to cause harm or defame anyone or any entity.
Please understand that cryptocurrency trading and investing is risky. I am not offering advice on how you should trade or invest in cryptocurrency. This channel is reserved for me to track my own journey and document my opinions along the way.
Crypto Capital Venture is big on tracking bitcoin market in particular. The general premise of technical analysis videos on Crypto Capital Venture is that although Bitcoin price price moves very in a very volatile way, there is much opportunity in being prepared for upside and downside. We also cover Bitcoin news on this channel as it comes out.
#bitcoin #btc #crypto #cryptocurrency #cryptocapitalventure #blockchain #finance #stock #investment #crypto #altcoin
bitcoin, decentralized, altcoins, altcoin, top altcoin, best altcoin, crypto, cryptocurrency, buy cryptocurrency, invest bitcoin, buy bitcoin, best altcoin,