With Bitcoin’s break above $30,000, euphoria is returning to the crypto market, but there are some decentralized finance (DeFi) tokens that are taking the recovery a bit further. Where Bitcoin is seeing single-digit gains on its daily and weekly chart, these DeFi tokens are returning double-digit gains for their investors.
Stacks (STX)
Stacks (STX) is a DeFi token that made it into the limelight with the introduction of the Bitcoin Ordinals NFTs. These NFTs quickly grew in popularity and the price of STX rose as Bitcoin Taproot saw more adoption. Over the last few months, STX has put up an impressive rally and even now, the digital asset has not let up.
While BTC is seeing around 6% gains in the last day, STX is up over 11%. This recovery has put the digital asset’s price above $0.9 once more and is one of the leading gainers in the market in the last day. It is also seeing 7.15% gains on the weekly chart, and showing incredible strength on the 1-hour chart.
STX rallies above $0.9 | Source: STXUSD on TradingView.com
Conflux (CFX)
Conflux (CFX) is another DeFi token that has come into its own in the last couple of months. This token is already up over 200% in 2023 alone but is yet to slow down. After seeing a slight correction during the weekend, CFX is back to registering massive gains.
It is ahead of STX in terms of gains with a 13.75% increase in a 24-hour period. It is also outperforming the Bitcoin DeFi token on the weekly chart after rising almost 17% last week. However, unlike STX, it is beginning to show some weakness on the 1-hour chart after falling 1.66%.
Injective (INJ)
Last but not least is the Injective (INJ) protocol. The interesting thing about this DeFi token is that it has shown a similar growth pattern to Conflux (CFX) since 2023 began. It is up over 200% as well and has emerged as one of the best DeFi performers out there.
In terms of gains, it is trailing closely behind CFX with 12.57% gains in a one-day period. Furthermore, it is also seeing double-digit gains on the weekly chart as well after rising 15.73% to bring its price above the $6.3 resistance. Its volume has also seen a 136% uptick and is now sitting at $99.7 million.
DeFi Tokens Still A Good Bet
DeFi tokens have proven that they are still a good investment option even through 2023. The top gainers’ list on Coinmarketcap is filled with DeFi tokens which have performed superbly as Bitcoin has found its footing once more.
DeFi tokens top lists of gainers | Source: Coinmarketcap
The likes of Solana, Fantom, and Aptos are doing very well during this time. However, like any asset in the crypto space, these DeFi tokens are just as prone to declines as they are to uptrends, so applying proper risk management when investing in them is important.