This Crypto Climbs to a 2-Year High, With 700% Gains YTD
It's not the season of bitcoin or ether altcoins. It’s the season of DeFi tokens!
Decentralized Finance is the hottest trend this year, especially after the listing of Compound Fiance's COMP token on Coinbase, resulting in its price exploding and the project to replace Maker at the top position by market cap.
For the past month, Synthetix, Aave, Bancor, Melon Protocol, and Hydro Protocol have been surging like crazy, 100% to 250%.
The market has high expectations from Synthetix, a decentralized synthetic asset platform that provides on-chain exposure to stocks, commodities, and currencies. They have high ambitions with binary options and margin trading in the pipeline.
Some, like Aave, is also up a whopping 700% YTD while others like REN, Loopring, Bancor, and Melon Protocol have recorded 200% to 440% gains.
— TradeBlock (@TradeBlock) July 1, 2020
The growth seen by DeFi projects has the market cap of the sector surpassing $6.2 billion, as per DeFi Market Cap.
Also, the total value locked in DeFi has made an all-time high today at $1.70 billion. According to DeFi Pulse, currently, there are 3.1 million ETH locked in the sector, still shy of the 3.2 million ETH in February this year. The amount of BTC locked is also surging, accelerating in the past ten days to climb to 9.8k.
The Latest Hot DeFi Token
Another DeFi token that is enjoying substantial gains is Kyber Network (KNC).
In the past five days, KNC has seen a spike of 37%.
Just this week, Kyber Network announced that its next protocol update dubbed Katalyst would go live next week on July 7th. So, these gains could be further expected to extend into next week.
The Kalatyst upgrade and the KyberDAO platform will be supporting three types of Kyber stakeholder groups; KNC holders, Dapps, and reserve entities providing liquidity to Kyber.
The upgrade will also enable KNC holders to stake their tokens and get rewarded for voting participation for which there is no minimum or maximum KYC requirement. Users will be able to access the new features only a week after the launch.
Currently trading at $1.46, KNC is up 700% YTD but is down 82% from its all-time high of $8. The last time, KNC was at the current level was in May 2018.
— ₿itBit (@BitBitCrypto) July 2, 2020
These gains are what pushed this digital asset from the 65th spot at the beginning of last month to the 37th rank.
The price gains have the KNC related mentions on crypto social media surging and now in the “top 10 Emerging Stories on crypto social media at the moment,” noted Sanitmnet. As such, the crypto data provider warns to be “aware of a potential crowd-induced local top occurring.”