coinquora.com
- DeFi tokens are rallying and on the rise for the past week.
- LUNA and AMP are up by 83% and 64% respectively.
- Uniswap rose by 17.8% and SushiSwap is up by 21.5%.
Analysts are anticipating another rise in Decentralized Finance (DeFi) token prices. The latest rise in the Total Value Locked (TVL) platform suggests a strong and steady course for DeFi tokens in the next few months.
In detail, out of the top 20 platforms in DeFi, the total percentage in terms of growth for TVL shot up by a lot over the past week alone. In detail, the all-time high (ATH) for TVL in DeFi is set at $154.91 billion.
Remarkably, the ATH record for TVL in July 2020 was just $3 billion. As of now, July 2021, the ATH for TVL stands at a whopping $111.04 billion. The jump is certainly an immense and formidable event. Analysts believe that this is just the beginning.
Presently, traders are following this trend to ride up with their DeFi tokens. In fact, many up-and-coming protocol tokens are on the rise at the moment. These include XVS, RSR, LUNA, KAVA, and AMP. Specifically, LUNA and AMP are up by 83% and 64% respectively.
This seems to be of no surprise for most seasoned traders. Just like altcoins falling and rallying with the price of Bitcoin (BTC), so do DeFi tokens, it seems. To highlight, DeFi platforms are one of the driving factors behind the growth of the crypto market.
Likewise, it is platforms like Uniswap (UNI), Aave (AAVE), and SushiSwap (SUSHI) that have elevated the DeFi sector. Arguably, they have single handedly boosted the crypto industry throughout 2021 so far.
Therefore, the platforms are also gaining greatly from the current rising patterns. In particular, the price of Uniswap grew by 17.8%. Meanwhile, the price of SushiSwap shot up by 21.5%. This increase took place between July 21 to July 27. Additionally, user activity also appears to be on the up and up.