Ethereum, DeFi tokens and altcoins capitalized on Bitcoin’s consolidation by rising sharply in the last 48 hours.
Over the past two days, Bitcoin’s price has been trading in the $14,800 to $15,500 range, but the most valuable digital asset struggled to get them to change the $15,500 range as a support.
One positive aspect is that BTC continues to hit higher lows and at the close of this edition the price is trying to break out but still finds resistance in the $15,500 range.
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While the price of BTC has bounced back and forth, the altcoins and DeFi tokens capitalized on the consolidation phase and turned bullish.
DeFi has one day
Top 3: $YAX + 73%$MTA + 35%$BZRX + 19% pic.twitter.com/km4jqZuSCX
– Messari (@MessariCrypto) November 10, 2020
As Messari indicated in a tweet earlier today, DeFi tokens such as Yearn Finance (YFI), AAVE, Balancer, and UNI are all above two digits. Most notably, YFI has earned approximately 160% after bottoming out at $7,444 on November 5, and in the last two days, AAVE has gone up a bit more, as the token has gone up 175% from $25.87 to $70.91.
Aside from these tokens, a handful of smaller-cap tokens in the decentralized exchanges are also accumulating gains, and data from Dune Analytics indicates that investors are starting to become more active in the DeFi space again.
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Daily volume of DEX exchanges. Source: Dune Analytics
As DEX trading volumes increase, so does the number of active users on a daily basis, and today the industry reached a new record, as DeFi Pulse indicated that the total value locked in on DEX platforms rose to $12.87 billion.
Total value blocked on DeFi (USD). Source: DeFi Pulse
Although it is probably too early to ask for an altseason, Ether (ETH) has turned bullish again and in the last 3 hours the altcoin broke its flag structure and rose to $466.60.
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Analysts have also noted that the ETH/BTC pair broke out of its downward trend and is currently climbing towards the resistance of 0.32323 sats.
Historically, altcoins tend to rebound when the price of Bitcoin is trading sideways, and the strengthening of Ether’s fundamentals could be a sign that DeFi and altcoins may be on the verge of a trend change.
In the short term, traders will be watching to see if BTC can convert the $15,500 level to $16,000 in support, with a chance that this will drive a few altcoins higher. Alternatively, if BTC’s price keeps trading sideways in the next few days, there could be a continuous advance of the main DeFi tokens and a handful of altcoins.