DeFi Tokens Are Hit Hardest In Sharp Market Reversal

The recent drop in the Bitcoin market from $12,000 to $9,900 has left a huge gap in all crypto markets. For example, Ethereum is again below the crucial support area of $365 and is trading at $325 at the time of writing. XRP, in turn, gave way back to the third position of Tether (USDT) with a difference of more than $3.8 bln in market capitalization.

DeFi tokens have been hit hard by the ongoing sell-off in the crypto market. Digital asset ChainLink (LINK) has lost $12 support area. The popular token Yearn Finance YFI is trading at $20,600, showing a 20% drop in the last 24 hours. It should be noted that its current value is 46% lower than its recent record high of $39,300. Synthetix (SNX), SushiSwap (SUSHI) and Just (JUST) show double-digit losses.

Despite the current situation in the crypto market, popular exchanges such as Binance and Poloniex continue to list DeFi tokens. The constant listing of such tokens serves as proof that the industry still has a long way to go, although it may take time to recover DeFi tokens.

Image courtesy of AzCoin news