BTC $41847.18 (-4.6%)
ETH $2866.37 (-7.5%)
USDT $1.00 (0.07%)
BCH $505.13 (-6.5%)
BSV $134.31 (-7.2%)
LTC $147.45 (-7.5%)
BNB $346.95 (-7.2%)
ADA $2.19 (-1.2%)
DOGE $0.20 (-6.4%)
BTC $41847.18 (-4.6%)
ETH $2866.37 (-7.5%)
USDT $1.00 (0.07%)
BCH $505.13 (-6.5%)
BSV $134.31 (-7.2%)
LTC $147.45 (-7.5%)
BNB $346.95 (-7.2%)
ADA $2.19 (-1.2%)
DOGE $0.20 (-6.4%)

Bitcoin Price Recovers, DeFi Tokens Struggle to Hold Position

Bitcoin-Price-Recovers-DeFi-Tokens-Struggle
  • Bitcoin price recovers to over $10,000.
  • Predictions reveal that BTC price would continue to be bullish by next month, possibly reaching $14,000.
  • DeFi tokens struggle to bounce back.
  • HAKKA, AUC, CREAM are top DeFi losers, with YFI also losing -11.4% in the last 24 hours.
  • DeFi space continues to rocket high in value, with an $11 billion TVL.

Bitcoin price recovers while DeFi tokens struggle to bounce back.

Strong volatility is not a new issue in the world of cryptocurrency. As a matter of fact, any digital asset inside the crypto market can be a target. In the past few days, Bitcoin and DeFi tokens are the digital assets experiencing the heavy market swings.

Today, Bitcoin regained its composure and bounced back its price to over $10,000, with a growth of 1.8% in the last seven days. One reason to consider the price recovery of Bitcoin is the growing demand for the coin. With only 2.5 million BTC left to mine, many investors continue to buy more bitcoins as they believe in the coin’s stability and future growth.

Gaining 185.81% since March, Bitcoin may still continue its bullish movement in October. Predictions reveal that BTC price might reach $14,000 on or before the month ends.

Source: CoinGecko
Source: CoinGecko

However, the DeFi-powered cryptocurrencies are having a hard time recovering its current price downfall. Hakka Finance (HAKKA), Auctus (AUC), and Cream (CREAM), in particular, are the top three digital assets that were hit heavily by the market volatility.

Currently, Hakka Finance is still at its -25% in the last 24 hours, while Auctus and Cream both share a shortage of over -15% at the same time frame.

Moreover, leading DeFi tokens in terms of market cap which include Chainlink (LINK), Wrapped Bitcoin (WBTC), Yearn.finance (YFI), and Aave (LEND) are also showing minor losses. Out of them, YFI records a higher percentage of loss at -11.4%.

Source: CoinGecko
Source: CoinGecko

Despite the price downfall that these DeFi tokens are experiencing, the DeFi space continues to rocket high. At the moment, the total locked value of the DeFi space amounts to $11.04 billion, which is an 87.32% growth from the previous $9 billion TVL recorded on the early days of September.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.