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Wednesday, October 21, 2020

TOP DEFI COINS DROP, DESPITE BITCOIN GOING TO $ 12,000

 



The last few days have been tough for the DeFi market. The reason is, even though Bitcoin (BTC) has been performing relatively strongly in recent times, the top coins of the decentralized financial platform (DeFi) seem to be finding it difficult to advance.


In fact, in the last three days BTC has even risen more than 5% from around $ 11,300 to its recent high of $ 12,000. This event is also considered quite unique, as altcoins are not participating in this strong BTC price action for the first time in recent months. Analysts predict this is due to a shift in the way crypto investors allocate their capital to the market.


DeFi Coins Drop As Bitcoin Rises


At the time of writing, the DeFi coin was on a downtrend even though Bitcoin was surging up and consolidating to go up to the $ 12,000 mark over.



Unfortunately, the bulls seem to be only for BTC and not for other DeFi altcoins. According to data from Coinmarketcap, the DeFi market has fallen by 28.16% in the past day.



This performance is considered to be the worst in recent months after the emergence of the DeFi platform in the crypto world.


Strong DeFi Fundamentals


Although many are concerned about the survival of these DeFi coins, many analysts still believe in the foundation of the DeFi space. Of course, several events such as the growing number of active MetaMask users and the increasing trend of DeFi users on-chain.


Not only abroad, but domestically there are also many DeFi enthusiasts who continue to innovate. For example, recently the collaboration between Indodax and Tokenomy launched an open source DeFi platform called Tadpole Finance along with the TAD coin.

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