As a seasoned analyst with years of experience navigating the volatile and ever-evolving landscape of the cryptocurrency market, I find myself increasingly intrigued by the recent surge in gains among native tokens from various decentralized finance protocols. With November drawing to a close, we are witnessing impressive gains above 50% for many of these tokens, fueled by renewed investor confidence post-U.S elections and hopes for regulatory clarity on digital assets.
As November comes to a close, tokens derived from several Decentralized Finance (DeFi) platforms are experiencing surges exceeding 50%, buoyed by investor optimism following the U.S. elections and expectations of increased regulatory transparency regarding digital assets.
Based on information from Tie Terminal, tokens like Curve Finance (CRV), Athena (ENA), dYdX (DYDX), and Lido (LDO) have seen significant increases in value over the past month among the top DeFi protocols, when ranked by market capitalization.
Currently, CRV has surged by 120.23% over the last month, with ENA following closely behind at an increase of 77.6%. Additionally, there’s been a significant rise of 53.7% for DYDX and a notable growth of 64.9% in LDO during this period.
In the past few weeks, tokens like PancakeSwap (CAKE), Uniswap (UNI), and SushiSwap (SUSHI) have experienced significant growth: CAKE has surged by 53.8%, UNI has risen by 54.7%, and SUSHI has increased by 57.9%.
The advancements in November have pushed the graphs towards values not seen since early 2021. As per DefiLlama, the total value locked within DeFi platforms amounted to an impressive $118.4 billion on Nov. 25, which marks a three-year high.
Over the period of November 18th through 22nd, as per my analysis based on Bitwise analysts’ findings, Bitcoin‘s market dominance has noticeably dropped, dipping back below the 60% threshold. This shift opens up opportunities for more varied investment strategies involving altcoins.
“We are generally seeing more performance dispersion among altcoins, and altcoins appear to be driven by a more diverse set of investment narratives. In other words, the correlation between major altcoins and Bitcoin has declined significantly, which allows for more alpha opportunities and higher diversification.”
According to analysts at Bitwise, the increasing interest in alternative coins (altcoins) might be due to Gary Gensler’s announced resignation as the Chair of the Securities and Exchange Commission (SEC), which took place on November 21st.
On November 25th, the value of Bitcoin remains close to 96,000 dollars, unable to break through the $100,000 threshold due to long-term investors cashing out their gains.
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2024-11-25 22:27