Earlier this week, the decentralized finance (DeFi) market was in a state of capitulation. Top coins pertaining to this space were plunging by dozens of percent over the span of a day or two, including “blue chip” names like Yearn.finance’s YFI, Synthetix Network Token (SNX), and many others.
From their highs set in the summer to these lows, the average DeFi coin had dropped by approximately 75%. This drop came after an exponential rally that netted many early DeFi adopters millions, especially those that bought early in coins like SNX and YFI.
Buyers finally stepped into the DeFi market over the past two days, with coins in the space rallying strongly from their recent low
Top DeFi Coins Bounce Strongly Off Bottom
Top decentralized finance coins have rallied strongly since the bottoms seen earlier this week.
In the past 24 hours alone, Aave (AAVE), Synthetix Network Token, Uniswap (UNI), and other names have gained around 15% against the U.S. dollar. This makes them some of the best-performing crypto-assets in the top 100 by market capitalization.
The rally in these coins comes in the face of a strong drop in the price of Bitcoin, which is now down 4.5% in the past 24 hours. Ethereum, for further context, has shed 6% in the past 24 hours.
Not all DeFi coins are benefiting from this rally, though. Smaller names such as REN, the token of the Ren Network, and others have actually dropped in excess of 10% in the past day.
The market seems to be focusing its capital on DeFi “blue chips,” widely regarded as YFI, AAVE, SNX, and UNI.