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As the price of Bitcoin (BTC) briefly surpassed the $35,000 mark on Wednesday morning after dropping to a six-month low below $30,000 earlier this week, the overall cryptocurrency market is showing signs of recovery, with the majority of the coins in the green zone at the time of writing.
Tokens representing the booming decentralized finance (DeFi) sector are enjoying a bumper recovery, with many soaring by more than 10%.
Uniswap (UNI) has soared by more than 13%, reaching $17.82. With a market cap of $9.3 billion, Uniswap is currently the most valued asset in the DeFi space, and the 11th largest cryptocurrency in the world.
COMP, the governance token of Compound, and RUNE, the native token of THORChain both reached local highs of $264.95 and $6.43 respectively, though they've since pulled back to settle at around $257 and $5.90. CAKE, the token underpinning decentralized exchange PancakeSwap, is up nearly 20% to $13.41.
AAVE, the native token of the lending protocol Aave, is up by 7.8%, reaching $229 earlier today. Chainlink (LINK), the second largest DeFi coin by market cap, is on the rise too, climbing close to $19, a rise of over 8%.
Despite the latest impressive price spike, the majority of DeFi tokens still have a long road ahead to fully recover from the losses suffered over the past week–on a 7-day graph they all are down by 20%-30%.
According to CoinGecko, the cumulative market cap of DeFi tokens is currently $66.4 billion–half of what the decentralized finance sector was valued as recently as last month.