Six Crypto Assets Are Booming Despite Bitcoin Breakdown

3 years ago 286

A number of decentralized finance (DeFi) assets are surging despite Bitcoin’s current stagnation.

This week, as Bitcoin plunges roughly 10% and retests the $30,000 support level, the native token of the pool-based lending protocol Alpha Finance (ALPHA) has rallied 104% according to CoinGecko.

Meanwhile, the decentralized lending protocol Aave is up more than 45%. The asset charged forward to become the 15th-largest crypto asset by market cap and is trading at $289.44 at time of writing, according to CoinGecko.

BarnBridge (BOND), a protocol designed to divide crypto investment opportunities into pools with various levels of risk, is up nearly 75% in the past week. The 219th-ranked crypto asset by market cap is trading at $49.47 at time of writing.

The governance token powering the most popular decentralized exchange Uniswap (UNI) is now the 13th-biggest crypto asset by market cap. After rising 67% in the past seven days, it is now trading at $15.06.

Google Trends, which allows users to gauge the popularity of a term based on the amount of times it’s googled, suggests that general search interest in the decentralized exchange has risen steadily throughout the month of January, indicating an increasing level of interest in the DeFi market at large.

The next asset performing well this week is MIR, the governance token for Mirror Protocol, which creates fungible assets that track the price of real-world assets. The 157th-ranked crypto by market cap is up over 70% in the past week and is trading at $3.40 at time of writing, according to CoinGecko.

RAMP is also facing a price surge this week. The cross-chain liquidity and staking platform’s RAMP token, the 281st-ranked crypto asset by market cap, is up nearly 37% in the past seven days and is trading right around $0.29 at time of writing.

On-chain market analysis firm Santiment notes that, on the whole, the market cap of DeFi-related projects the firm tracks is up a whopping $19.7 billion in the past month.

“DeFi projects continue to be lucrative, as the market cap for all DeFi-related projects tracked on @santimentfeed has ballooned to $19.7 billion (+135% in the past month). UNI, AAVE, SNX, MKR, and COMP have all enjoyed their time decoupling from Bitcoin.”