• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee

Top DeFi Coins Drop 3-10% Despite Ongoing Bitcoin and Ethereum Surge

Nick Chong by Nick Chong
3 years ago
in Ethereum, Altcoin Price
0
  • Both Ethereum and Bitcoin have pressed higher over the past 24 hours.
  • The two cryptocurrencies have both gained around 5% in the past day.
  • This comes as legacy markets like the S&P 500 have pressed higher.
  • Despite the rally in the two leading cryptocurrencies, DeFi coins have tumbled lower.
  • Ethereum-based coins like Maker (MKR), Synthetix Network Token (SNX), and others have shed 3-10% in the past 24 hours.
  • This comes in spite of continued growth in the DeFi space.

Top Ethereum DeFi Coins Drop a Handful of Percent Despite Crypto Boom

According to CoinGecko, some of the top decentralized finance coins based on Ethereum have bled lower despite a Bitcoin rally.

Data from the site indicates that ThorChain (RUNE), Waves (WAVES), Synthetix Network Token (SNX), 0x (ZRX), Maker (MKR), and a few others have all dropped in the past 24 hours. The losses range from three to ten percent.

This drop comes in spite of strength in the price of Bitcoin and Ethereum, which previously brought altcoins higher.

This relative weakness, though, may be explainable.

Jacob Franek, co-founder of crypto data firm CoinMetrics, set on the matter of high transaction fees limiting Ethereum’s upside potential in this phase of growth:

“Not yet just saying it places a natural hard cap on how far this can run. Traders will only pay that much if they’re perfoming significantly well,” Franek concluded in a reply to someone who commented on his opinion.

There’s also been some speculation that the SushiSwap debacle that crypto experienced last week is putting a sour taste in the mouth of investors.

Those investors may have taken money off the table or are less willing to take on risky DeFi bets, hence the drop in the Ethereum-based coins.

Long-Term DeFi Trends Remain Bullish

The long-term trends of the DeFi space remain positive, analysts say.

Qiao Wang, the ex-head of product at crypto research firm Messari, recently commented:

“From an investment point of view, BTC pre-2013 and ETH pre-2015 were once-in-a-lifetime asymmetric bets. DeFi pre-2021 is once-in-a-decade IMO (until proven wrong). If you’ve missed the first two don’t miss the latter.”

From an investment point of view, BTC pre-2013 and ETH pre-2015 were once-in-a-lifetime asymmetric bets. DeFi pre-2021 is once-in-a-decade IMO (until proven wrong). If you’ve missed the first two don’t miss the latter.

— Qiao Wang (@QwQiao) September 9, 2020

Others in the industry think that there are fundamental factors that will drive this crypto market segment to exponential heights in the coming years.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Top DeFi Coins Drop 3-10% Despite Ongoing Bitcoin and Ethereum Surge
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Ethereum Fees Generated

Developer: Ethereum Is Not Slow Because Of Geth Client

7 hours ago
Ethereum and Bitcoin nodes

Ethereum Clients More Diversified Than Bitcoin, Is This Good?

1 day ago
Ethereum revenue

Ethereum Generates Over $10 Billion In Revenue In 7 Years

1 day ago
Ethereum

Ethereum Average Fees Has Hit A New 2023 Low: Data

1 day ago
Ethereum Fees Generated

Ethereum Staking Momentum Falling, What’s Going On?

4 days ago
Ethereum ETF

Ethereum Investors Should Keep This Important Date In Mind

4 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • While Litecoin (LTC) and Aave (AAVE) try to break key...

    19 hours ago
  • Bitcoin (BTC) and Compound (COMP) At the Market Crossroads...

    19 hours ago
  • Next 10x Crypto Gems: 6 Coins Under $0.50 To Buy Now

    20 hours ago
  • TokenCoin — Guide to Earning Passive Income through...

    20 hours ago
  • Pepe Coin Price Continues To Decline, Kangamoon and Shiba...

    23 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.