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A handful of decentralized finance (DeFi) assets are outperforming Bitcoin since the crypto market re-awakened this November, even amid the recent price pullback.
Although BTC has performed remarkably well since late October with a 33.8% price increase, six DeFi assets in particular are making far more impressive gains than the king coin.
The decentralized exchange SushiSwap (SUSHI), a Uniswap fork, is one of the best performing assets of late, gaining more than 260% in value since October 31st. In addition, the lending protocol Aave (AAVE) is up about 170% over the same time period, trading at $80.96 at time of writing, according to CoinGecko.
YFI, the governance token for DeFi upstart yearn.finance, shot up nearly 131% in value since October 31st, and RUNE, the native asset for the cross-chain digital asset exchange THORChain, has gained about 111%.
Hegic (HEGIC), an options trading protocol, has shot up nearly 108% in value since October 31st, and the DeFi protocol bZx (BZRX) is up about 103%.
Although these DeFi projects, and much of the crypto market at large, have experienced a recent pullback, popular crypto analyst Nicholas Merten says he’s not worried about major altcoins, pointing out that many projects have been able to gain back their price losses since the mini-crash.
“I wanted to take a look at altcoin dominance because I know everyone was panicking about altcoins. if you take a look at the eight hour chart here you can see we actually recouped most of the losses and are trending back where we’ve been in the last couple days and early December…
We haven’t seen this kind of rebound in the sense of altcoins in a long period of time… That’s why I’m not fudding in this market. If you take a look at most of the major altcoins that are doing great things in this space or have the excitement and momentum of traders then in this case you’re going to see that they’re holding up quite nicely even after the sell-off.”
Merten says there’s a key resistance level that altcoin dominance has to break through for him to turn very bullish on the space.
“In fact as we build up through this technical pattern here it’s looking like we might finally break out. I’m going to get really really confident on altcoins if we get above this line here (~36.8 on 100-BTC.D chart) because this was the most critical point of support and resistance here in the past couple of weeks… going back to late October.
It’s going to be really critical to get up here break above this line of resistance and start charting higher. I think we’ve got a serious opportunity to do so.”
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Featured Image: Shutterstock/Liu zishan