XTZ, SNX and YFI lead the DeFi market revival as they became the top performers on the market as we can see in today’s altcoin news.
The strength of Bitcoin’s uptrend started growing as the top-ranked digital asset hit $40,000 overnight. It’s safe to say that many investors are shocked by this fact which suggests that the buying continued and signaled strong demand at every higher level. The bullish sentiment pulled a few other altcoins shoot higher with the total market capitalization surpassing $1 trillion. As most altcoins have only started participating in the rally and they could run up vertically in the short-term and this phase was one of the best opportunities to make fast returns but it is also quite risky because of the virtual rally that tends to turn down quickly.
XTZ, SNX and YFI became the best performers, and here’s why. XTZ took steps to boost its growth and the first was to reduce the contract gas fees with the Delphi upgrade in November. this way, developers were attracted to build more applications in the Decentralized finance space and gaming. StableTech also launched wrapped ETH on the Tezos blockchain and even attracted bigger participation from the users with the sharp increase in gas fees on the ETH network complicating the matter for traders. XTZ moved from $1.905 to $2.80 marking a 43% rally within five days.
Speaking of SNX, the protocol completed a huge upgrade dubbed Shaula which added BTC as a form of collateral and increased the potential to boost the Synth supply. Another feature in the upgrade allows users to deposit sUSD as collateral and short synthetic assets. In the bull phase, the traders outperformed the markets and executed well-timed entries and exist which was quite difficult for novice traders to do so. Synthetix offered users the chance to trade alongside experienced portfolio managers that could have attracted other traders to join the community.
At last, Yearn Finance teamed up with a few other DeFi projects and now the team started offering high yields investments that charge low fees and reduces the risks to customer capital. The partnership announcements generated an enthusiastic short-term response from the traders which could stop because launching a new project takes quite time. Also, Binance announced that it will launch YFI staking which could be the reason for the sharp increase in the DeFi token price.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]