DeFi sector tokens offer shelter as Bitcoin falls below $48.5K

Dec. 28 saw a drop in cryptocurrency markets. The price of Bitcoin (BTC), which lost almost $4,000 in value within hours, was lower than expected. Bulls are now trying to get support at $48,500 in order to avoid further losses.

The decentralized finance sector (DeFi) of the crypto ecosystem offered traders some relief from the market’s drawdown. Many tokens saw gains exceeding 30%.

The top 7 coins that saw the greatest 24-hour price gains Source: Cointelegraph Markets Pro

Cointelegraph Markets Pro and TradingView data show that Harvest Finance (FARM), QuickSwap(QUICK), and Aragon/ANT were the largest gainers in the last 24 hours.

Harvest Finance is moving towards total decentralization

Harvest Finance is a DeFi protocol that automatically farms the highest yielding plants from the ecosystem. It also optimizes the yields users get by implementing the most recent farming techniques.

Data from Cointelegraph Markets Pro showed that VORTECS(tm), a data service of Cointelegraph Markets Pro, began to show a bullish outlook on FARM in December 25, before the recent price increase.

Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.

VORTECS(tm), Score (green) vs. the FARM price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for FARM rose into the green zone Dec. 25, and hit a peak of 75 just two hours later. This was before the price spiked 207% in the following three days.

As the project moves towards total decentralization, the price of FARM will rise. This includes the ability for community members (known as builders) to implement new farming strategies and update user interfaces as necessary.

QuickSwap now supports Harmony

QucikSwap, a decentralized exchange that also acts as an automated market maker, operates on the Polygon network.

Cointelegraph Markets Pro and TradingView data show that QUICK traded at a low price of $235 on December 22, and then soared 143% to a daily high of $570.50 on December 28, as its 24-hour trading volume jumped 1,240% to $166.6 millions.

QUICK/USDT 4-hour chart. Source: TradingView

The sudden rise in QUICK price was due to the release of a relay link between Harmony (ONE protocol) and Polygon. This allowed QuickSwap to create a MATIC/ONE liquidity provider pool.

Similar: Ethereum whales dump ETH when price falls below $4K, data show

Ragon is focused on digital self-sovereignty

Aragon, a protocol that runs on Ethereum (ETH), supports the creation decentralized autonomous organisations (DAOs). This is a way to encourage community engagement and help build governance structures.

VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on ANT on December 25, before the recent price rise.

VORTECS(tm), Score (dark gray) vs. the ANT price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for ANT started to rise on December 25th and reached a peak of 73 approximately 45 hours later. Its price then increased 55% the following day.

The price appreciation of ANT is due to the idea of Web 3.0 gaining momentum heading into 2022. This has helped Aragon’s team make strides towards their goal of supporting “organizational form that defend self-sovereignty.”

The total cryptocurrency market is now worth $2.276 trillion. Bitcoin’s dominance rate at 40.2%.

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/defi-sector-tokens-offer-shelter-as-bitcoin-falls-below-48-5k

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Donna Burk

Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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