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BTC $47752.85 (-1.3%)
ETH $3567.74 (-0.7%)
USDT $1.00 (0.00%)
BCH $640.25 (-2.2%)
BSV $156.98 (-0.0%)
LTC $185.46 (-1.5%)
BNB $423.31 (-1.7%)
ADA $2.42 (-2.9%)
DOGE $0.23 (-3.1%)

DeFi Space Takes Break as Bitcoin’s Price Surges

DeFi Space Takes Break as Bitcoin's Price Surges

The DeFi space recently ended its market hype as Bitcoin maintains its bullish price.

The DeFi space is one of the most talked-about ecosystems in the crypto world. It has caught the attention of many investors in and out of the crypto world. As a result, the need for technology to create a startup for DeFi protocols arises. The influx of different kinds of DeFi startups created hype in the DeFi space.

Source: Genesis
Source: Genesis

The DeFi space, just like the crypto market, has its highs and lows. A study conducted by Genesis, an industry leader when it comes to lending and borrowing, sees BTC as the most borrowed asset. In the chart above, Bitcoin dropped to over 10% from the second quarter to the third quarter of the year.

Meanwhile, USD and other altcoins rose to over 2% as Bitcoin dropped its users’ rate that borrowed its assets. Genesis further explained:

ETH, USD and Equivalents and “other” altcoins drove the increase in book size in Q3. ETH loans outstanding jumped to 12.4% of the overall book, USD increased to 34.5%, and other altcoins jumped to almost 5.0%.

The DeFi space may be experiencing a break from its market hype, but it still has a huge total value locked (TVL). Today, DeFi space has a TVL of $11.06 billion. It is one indication that there are still many investors that believe in the potential of the ecosystem.

Moreover, Bitcoin may lose its asset borrowers rate, but when it comes to market rating, BTC still ranks. Currently, Bitcoin trades at a high price of over $13,000, with a growth rate of +2.3% in the last seven days. In a report, Bitcoin is still trusted by many private investors this year.

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.