The start of 2022 revived the bullish trend for some DeFi altcoins as some of the best-performing assets on January 3. Top gainers include Uniswap (UNI), AAVE, and Yearn.Finance (YFI).
DeFi altcoins with 13% surge
According to data from Santiment, Defi altcoins registered a prominent surge of up to 13% even though a majority of the market remained nearly flat with little to no bullish movement.
Bullish expectations for last quarter of 2021 failed to materialize
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The final quarter of the year was expected to be bullish after a major selloff in September. While the prediction came true for October, the market stayed in the red throughout November and December, falling to levels seen back in July and August.
In October, the crypto market hit another new all-time high (ATH), reaching an overall market cap of more than $3 trillion. Its value had declined by almost a third by the end of the year.
DeFi market brings bulls back?
Despite a series of rug pulls and hacks, the Defi market remains among the most highly sought crypto use cases. At present, its market cap is well above $160 billion.
YFI with biggest leap over past 24 hours
Yearn.Finance’s token YFI gained 13% in the past 24 hours. On the daily chart, it formed six green candles in a row, indicating a bullish trend although the rest of the crypto market was consolidating. At the time of writing, YFI was trading at just over $41,000. Analysts expect the price to keep rising.
UNI gained 9% today, shifted to Polygon
UNI followed YFI in terms of daily gains, gaining almost 9%. Recently, it made a switch to the Polygon network, which turned out to be highly successful. Insiders believe the current price surge is due to this migration.
Mainstream crypto still bearish
As the rise of DeFi altcoins gives hope for another alt season in the near future, most mainstream cryptos have yet to show signs of revival. These include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and several others. Bitcoin was trading under $47,000 at the time of writing.
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