• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

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

Nick Chong by Nick Chong
2 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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

“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

Ethereum Energy Consumption Sees Sharp Decline As Mining Profitability Drops

3 days ago
Morgan Stanley: Ethereum 2.0 Launch May Reduce Demand For GPUs

Morgan Stanley: Ethereum 2.0 Launch May Reduce Demand For GPUs

4 days ago
Ethereum

The Metric That Says A Further 50% Drawdown For Ethereum Is Possible

4 days ago
Hackers Ethereum

How This Ethereum Lending Platform Was Attacked And Made A Deal With The Hacker

4 days ago
NFT NYC, Goblin Town actors

Crypto Reacts To The NFT NYC Conference: The Bad And The Ugly

6 days ago
NFT NYC, the Cool Cats exhibit

Crypto Reacts To The NFT NYC Conference: The Good

6 days 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
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 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.