DeFi and Exchange Tokens Participate in the Crypto Bull Run
While the market is demonstrating its strength by setting new records, the ecosystem of decentralized finance (DeFi), as well as exchange-traded tokens, has not been left without attention in the pursuit of new horizons.
DeFi and the growth of TVL
While the broader cryptocurrency market is seeing a healthy correction after a week-long rally that pushed Bitcoin (BTC), Ethereum (ETH) and most altcoins to a new all-time high (ATH), an optimistic rise is more than a long way off, according to analysts.
Total Blocked Value (TVL), a metric provided by DeFiPulse, a decentralized financial market aggregator, soared to a new level in April with no signs of a potential slowdown. From a $20 billion TVL at the end of December, when bullish growth was just beginning, to a record $30 billion in February, the total stock of smart contracts tracked by DeFiPulse now stands at $59.12 billion, indicating a steady flow of funds into the nascent mainstream killer of traditional finance.
The number of Bitcoins blocked in DeFi has also surged from a low of 92,797 BTC in early April, to 147,859 BTC today. The amount of BTC entering the decentralized financial ecosystem also means that market bulls are moving to hold their assets in the hope of higher returns at a later time.
Ethereum’s growth in DeFi is comparatively declining as investors seem to support locking their Ether in the Ethereum 2.0 deposit contract. Today, a total of 10.2 million Ethereum coins are blocked in DeFi, down from 10.785 million at the beginning of April. Gradually, DeFi is growing.
Altcoin season is in full swing
As a central element of the overall success of the crypto space through the spread of a decentralized offering of crypto products, cryptocurrency exchange tokens have also received a revival amid the ongoing bull run.
The altcoin season is in full swing, and up to 15 cryptocurrencies have reached the new ATH.
The vast majority of crypto experts and analysts, and the news itself, confirm the bullish season.
As you know, cryptocurrency markets are always regulated by the rule that first the king grows in value (in our case, Bitcoin), and then there is an increase in altcoins.
This situation has been repeated for several years, but when altcoins start to grow, it is worth it to look at it. One piece of evidence that this really works is the new ATH that a total of 15 altcoins have achieved, and their growth doesn’t seem to be over yet.
Today’s leaders include big names like Dogecoin( DOGE), Binance Coin (BNB). Also, among the most well-known cryptocurrencies, this list includes such crypto assets as VET, BAT, WAVES or ENJ. There were of course a number of newcomers who are now experiencing golden times.