The start of the new year has brought bulls to Defi altcoins as some of the top performers on New Year’s Monday including Uniswap (UNI), AAVE and Yearn.Finance (YFI) topped the charts. ranking with the largest increase of the day. Santiment data shows that while much of the market remains mostly flat with little or no upside momentum, Defi altcoins have registered a massive 13% spike.
The final quarter of 2021 is expected to increase following the sell-off in September, however, apart from October, both November and December ended in the red resulting in the crypto market falling to the levels set by the end of the year. seen in the July-August period. The crypto market hit a new all-time high (ATH) in October as the total crypto market capitalization surged above $3 trillion. However, by the end of 2021, the crypto market has lost another 30% of its market share since October.
Can the Defi Market Bring the Bulls Back?
The Defi market remains one of the most sought after crypto use cases despite a string of hacks and carpet pulling. The total defi market cap is currently hovering above $160 billion and YFI made its biggest jump in the last 24 hours with a 13% increase in price. YFI has formed six green candles in a row on the daily chart showing an increase in price even at a time when the rest of the crypto market is consolidating. YFI is trading at $40,881 at the time of writing and looks set to continue growing even stronger.
Following YFI is UNI in terms of daily gains and is up almost 9% over the past 24 hours. The leading Dex platform recently migrated to the Polygon network, which has been a success and many believe its current price increase is driven by the successful migration to Matic.
The majority of mainstream cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and a few others are yet to show signs of recovery, however, the rise of altcoins will certainly offer some hope. for another alternate season soon.