DeFi Tokens Surge 19% in Last 24 hours

Top DeFi tokens surge with an average of 19% gain over the last 24 hours after the recent crypto market crash on the DeFi sector. Meanwhile Yearn token price jump is the biggest one, as Yearn price jumps from $22,000 to $30,000.

10 September 2020 | AtoZ MarketsDeFi or decentralized finance refers to digital assets and decentralized applications (DApps) built on Ethereum. It created 37 tokens within the larger crypto ecosystem. In 2020, the ecosystem is rapidly moving towards popular protocol tokens as a means to capture value for DeFi’s growth.

DeFi Tokens Rebound After Crashing by 50% in One Week

Yesterday, the crypto market saw a bloodbath of DeFi tokens, 95% of DeFi tokens lost up to 50% value within 7 days. However, the top DeFi tokens have rebounded by a 19% gain in 24 hours. According to Messari, 32 of the 37 DeFi tokens are gaining momentum today from 1.5% to 24%.

Ren (REN), with a 23.86% gain, is at the top of the daily charts followed by Yearn Finance (YFI) with a 23.3% gain, Swerve (SWRV) with a 22.34% gain, Aave (LEND) with 20.48%, and Loopring (LRC) with 19.65%.

The Ren rally comes after introducing a BTC backed Yield Dollar from Ren, along with a liquidity mining reward program. Meanwhile,  after introducing in July 2020 Yearn Finance has experienced a 435% increase in market capitalization in a single month.

5 DeFi tokens are down today, losing between 0.7% and 8.8%. Cream (CREAM) with a 8.80% loss is at the bottom of the daily charts, followed by Gnosis (GNO) with a 3.50% loss, PowerPool (CVP) with a 2.81% loss, UMA (UMA) with a 1.55% loss, and Nectar (NEC) with 0.72% loss.

DeFi tokens are outperforming the broader Ethereum ecosystem, with 136 out of 178 DeFi tokens being green with an average profit of 8.5%. Half of the top 10 tokens by the 24-hour performance today are from the DeFi ERC-20.

Ethereum (ETH) has also risen over 10% in the last 24 hours. After touching the intraday highs of $375, it has retreated to $365. ETH/USD continues to trade with a strong bullish bias.

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