Bitcoin continues to consolidate around $ 47,000 after failing 48,000 hours ago. Most altcoins have also been unusually quiet since the start of the New Year, with a few exceptions. Some DeFi tokens, such as UNI and AAVE, have seen more impressive gains.
DeFi coins on the rise
Although the altcoin space is generally known for its heightened volatility, the first three days of 2022 have been quite the opposite as most assets have remained calm.
Ethereum continues to dabble with the $ 3,800 line. The second largest crypto broke above this level yesterday, but has since declined slightly and now sits just below.
Binance Coin finds itself in a similar position to yesterday at around $ 525. Polkadot and Terra are slightly in the green, while Solana, Cardano, Ripple, Avalanche, Dogecoin and Shiba Inu registered minor losses.
The biggest winners come from the DeFi industry. Yearn.Finance’s native token leads the trend with a 12% increase. As a result, YFI exceeded $ 40,000.
Aave follows with a 9% jump to $ 275. Uniswap is next, as an 8% increase pushed UNI above $ 18.
The cryptocurrency’s market cap has remained on a daily basis at just under $ 2.2 trillion.
Bitcoin is around $ 47,000
The major cryptocurrency last experienced high price swings at the end of 2021. A sudden price pump took it from under $ 47,000 to a high of $ 48,500, but the bears have quickly intercepted the movement.
In the hours that followed, they lowered the asset to around $ 3,000 and BTC hit a low below $ 46,000. As reported yesterday, bitcoin started to rally and traded around $ 47,000.
In the past 24 hours, BTC has launched another milestone which has raised $ 48,000. However, it has not exceeded that level and bitcoin is once again trading around $ 47,000. As a result, its market capitalization has remained below $ 900 billion 13 years after the network’s launch.
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