Ethereum has undergone a strong surge in the past 24 hours as buyers have stepped back into the crypto market. In the past day alone, ETH has gained 5%, as it currently trades at $368. For context, Bitcoin is only up around 1.5%.
The buying was seemingly triggered by the ending of a seeming capitulation in the Advertisements
Defi coins have performed extremely well over the past 24 hours to 48 hours. Most coins pertaining to the space are up 5-20% in the past 24 hours.
Ethereum Roars Higher, Forcing Defi to the Upside
Ethereum’s strong move to the upside on Friday triggered a sea of green for the DeFi market.
According to CoinGecko, leading DeFi coins have gained 5-20% over the past 24 hours. Band Protocol (BAND), Nexus Mutual (NXM), and Yearn.finance (YFI) are among the many DeFi coins that are part of this pack surging higher.
A series of Ethereum-based coins are surging by different amounts for different reasons.
Band Protocol is up around 15% in the past 24 hours seemingly related to Binance Launchpad’s yield farming opportunities for a new token called ALPHA. Users can deposit their BAND and earn ALPHA over time.
Yearn.finance has gained over 10% in the past 24 hours as Andre Cronje, founder of the project, confirmed that he is still working on the project. The Ethereum-based YFI is also rallying after a number of large short holders closed their positions. The closure of these shorts forced the price higher as confidence returned to the market.
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Price tags: ehth, ethbtc Charts from TradingView.com
Top DeFi Coins Boom 5-20% As Ethereum Roars Higher, Fundamentals Strong