In brief
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$118,602.00
0.56%$3,776.88
6.53%$3.53
3.06%$752.61
3.02%$182.24
2.88%$0.999851
-0.01%$0.263835
9.09%$3,760.43
6.25%$0.871391
6.04%$0.31827
-0.52%$4,555.24
6.52%$47.04
5.49%$118,480.00
0.66%$0.473957
2.45%$4.01
6.17%$19.65
9.54%$0.276679
4.12%$550.46
9.22%$25.43
7.36%$4,040.84
6.45%$0.0000155
6.19%$117.20
15.45%$3,776.53
6.62%$8.97
-0.15%$3.31
4.59%$4.56
7.98%$1.00
-0.00%$0.99852
-0.17%$10.76
6.48%$44.77
1.34%$118,595.00
0.59%$1.001
-0.00%$327.99
0.17%$0.00001433
10.26%$5.01
2.70%$331.31
4.94%$432.05
3.90%$0.123252
2.28%$25.19
8.11%$3.05
8.38%$1.18
0.04%$5.46
5.24%$0.451558
2.63%$1.076
5.42%$6.09
8.32%$0.509275
24.43%$49.44
2.89%$222.26
2.92%$0.808391
1.59%$0.0000345
5.41%$0.303574
5.84%$1.00
0.00%$0.098608
7.11%$0.498372
10.33%$0.02916041
9.15%$5.24
8.66%$4.47
10.32%$3,762.44
6.17%$0.251282
7.47%$1.27
13.37%$0.998242
-0.19%$10.64
6.52%$17.74
4.44%$0.368114
5.57%$0.810649
7.54%$2.96
9.40%$0.03125319
4.07%$4.52
0.21%$2.00
12.39%$0.084678
1.75%$3,949.63
6.29%$193.35
2.66%$4,301.76
6.46%$1.06
0.03%$0.568018
6.42%$117.13
4.51%$118,353.00
0.53%$0.00460277
10.97%$0.099219
7.43%$2.22
16.28%$5.02
1.46%$12.06
1.51%$1.52
4.93%$15.22
11.11%$0.996178
-0.18%$0.999746
0.03%$0.02066688
2.88%$4.87
6.00%$3,970.53
6.60%$0.800079
8.87%$0.881213
8.44%$4,035.23
6.13%$1.008
5.30%$0.00014145
4.07%$1.00
0.06%$4,076.96
6.41%$1.35
0.21%$0.407852
8.36%$1.29
20.95%$3,970.17
6.51%$0.650342
12.27%$1.86
7.59%$118,195.00
0.20%$1.00
0.02%$1.12
31.04%$0.117067
10.71%$1.24
14.83%$205.05
2.86%$0.210031
103.13%$0.173923
6.27%$0.997767
-0.17%$0.62672
8.65%$752.65
3.12%$0.977375
12.59%$29.22
7.04%$0.244979
8.36%$118,403.00
0.54%$2.74
4.92%$3,355.79
-0.06%$119,897.00
0.75%$0.02035063
10.65%$0.01892243
13.40%$1.11
0.08%$238.93
2.91%$0.999768
-0.01%$0.347587
8.78%$0.963963
10.99%$3,351.57
0.11%$0.143296
12.55%$3,775.90
6.53%$4,033.87
5.85%$3.00
9.13%$4.85
9.15%$3,928.20
4.51%$45.66
5.33%$4.00
6.62%$2.06
7.61%$0.00000073
2.61%$8.98
-5.47%$0.448978
8.55%$0.272414
0.27%$111.86
0.00%$2.17
9.27%$0.356965
9.92%$0.264441
9.32%$0.998868
0.00%$0.00714648
7.66%$3,774.40
6.46%$0.999902
0.01%$0.00000167
8.84%$118,253.00
0.51%$0.391426
16.03%$0.01880553
1.95%$0.064035
10.73%$0.45885
8.05%$1.085
-0.57%$31.63
6.97%$1.73
7.43%$0.0087964
0.71%$4,001.64
6.21%$117,553.00
0.19%$3,758.90
6.39%$0.997756
0.03%$0.0098063
4.13%$0.573095
6.56%$1.36
6.64%$0.706986
7.42%$118,704.00
0.51%$3,772.64
6.30%$4,168.14
6.60%$47.13
5.69%$1.001
0.03%$7.65
12.28%$0.150176
10.18%$8.12
12.90%$0.704823
8.76%$0.074051
0.44%$0.99967
0.00%$54.70
9.10%$0.512056
0.87%$0.203356
6.26%$1.61
6.09%$17.80
7.95%$1.16
0.05%$4,132.65
7.80%$0.418671
8.42%$0.00002496
8.32%$0.998798
0.05%$2.85
9.79%$0.4333
4.03%$0.435884
2.74%$0.221608
1.99%$0.064155
10.40%$0.00000047
-0.86%$0.328189
5.96%$3,768.26
6.47%$47.09
5.83%$0.04574928
8.58%$0.094169
6.83%$3,775.85
6.55%$0.168041
6.06%$10.75
0.00%$0.00431472
7.90%$0.00822605
13.74%$4,540.57
6.44%$7.38
0.95%$0.625399
8.08%$0.419502
9.71%$1.003
-0.49%$1.093
-0.04%$0.999831
0.00%$1.49
11.29%$153.98
6.25%$1.68
4.10%$0.998113
1.10%$0.00586402
8.62%$119,287.00
1.20%$0.397664
8.07%$0.88226
11.18%$30.96
7.70%$0.880311
6.28%$199.44
2.95%$0.59693
6.85%$0.00006957
6.19%$0.999916
0.00%$25.43
7.30%$13.01
2.91%$0.03811534
1.41%$3,962.13
6.85%$4.46
-3.26%$0.01906438
0.86%$0.251572
7.56%$0.00410615
5.91%$22.11
3.95%$0.03396399
6.76%$0.00426666
5.40%$0.770828
5.05%$118,596.00
0.61%$0.846107
2.99%$4,248.03
6.35%$3.85
-1.44%$0.826821
16.58%$1.12
8.75%$0.328808
18.08%$0.329249
-1.34%$7.56
7.15%$25.66
9.83%$0.00425693
13.95%Reading
Spurred by yet another Elon Musk tweet, the price of Bitcoin finally recrossed the $40,000 benchmark on Monday morning, giving a sizable boost to the overall crypto market.
The combined value of all cryptocurrencies is currently $1.67 trillion, with the tokens representing the decentralized finance (DeFi) sector being among the biggest gainers.
Aave (AAVE), the native token of the eponymous lending protocol, is up by 10% in the past day, surpassing the $319 mark earlier today. With a market cap of just above $4 billion, AAVE is currently the fourth largest DeFi asset, according to CoinGecko.
Earlier this month, it reached the number one spot in total value locked (TVL) in the entire sector.
According to data from DeFi Pulse, this value is as much as $13.04 billion as of today or more than 15% of the overall $60 billion locked in DeFi protocols. The runner-up Maker has $8.23 billion in TVL.
With a market cap of $11.84 billion, Uniswap (UNI) is the tenth-largest crypto asset in the world and the largest in the DeFi space. The governance token for the Ethereum-based decentralized exchange (DEX) has skyrocketed above $22.91. However, this move is still about 50% below an all-time high of $44.29 recorded on May 3.
COMP, the governance token of the Compound Protocol, reached $325.77 earlier today. However, once a dominant force in the DeFi space, currently COMP is only the fourth largest DeFi token and the 60th-largest crypto asset by market cap ($1.7 billion).
Yesterday, Tesla CEO Elon Musk announced that Tesla would “resume allowing Bitcoin transactions” if and when there’s “confirmation of reasonable clean energy usage by miners,” following the EV company’s decision to stop taking payments in Bitcoin last month over concerns about its environmental impact. Musk suggested that the threshold for “reasonable clean energy usage” should be as high as 50%. Bitcoin advocates argue that a majority of Bitcoin is already produced using renewables. The discr...
While several other DeFi tokens, including Chainlink (+10.4%) and ThorChain (+13.4%), are faring well too, it’s interesting to observe that the latest move has also brought an unusually high correlation of AAVE, UNI, and COMP to the price of Bitcoin.
Most altcoins–with few exceptions–tend to follow the price movements of Bitcoin, but this has not always been the case with DeFi tokens, which often follow their own patterns. In the past, some experts even suggested that the prices of DeFi tokens would never end up following BTC.
However, according to data from CoinMetrics, the correlation coefficient of AAVE to BTC, which just three months ago was below 0.1, has soared to a local high above 0.6. Likewise, the correlation coefficient of COMP to BTC has jumped from 0.3 to 0.8 over the same period of time, while the correlation between UNI and BTC hit an all-time high at 0.68–an impressive growth from 0.1 at the end of March.
Despite the bullish rise for these tokens, with Elon Musk tweeting about Bitcoin again, there could be more unexpected price movements ahead–something that may also impact how DeFi tokens correlate to BTC.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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