Earlier this week, all eyes were on Bitcoin, not DeFi. The leading cryptocurrency shot a handful of percent higher while altcoins actually began to move lower against the dollar, sometimes by 5-10%. Some DeFi coins actually dropped 15% on the day that Bitcoin shot 2-3%.
This trend did not persist, though. Altcoins have begun to recover against the leading cryptocurrency over the past day, with some actually managing to outpace the previously-dominant Bitcoin.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
DeFi Coins Bump Higher Amid Bitcoin Surge
CoinGecko data shows that DeFi coins are bumping higher amid the Bitcoin surge that took place on Wednesday, which brought prices higher by over 8%. While Ethereum is still underperforming BTC, top DeFi coins are surging higher.
Ren Network’s REN token, Ampleforth (AMPL), Aave’s AAVE, Chainlink (LINK), and many other coins have gained around 10% in the past 24 hours. For context, again, BTC is up 8% while ETH has gained 6%.
This recovery comes shortly after analysts said that Bitcoin is likely going to outperform the average <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin moving forward. Technically, this sentiment has not been invalidated yet as BTC remains a top-performing crypto asset as not all DeFi coins are pumping.
Su Zhu,