DeFi tokens surge over 50% in November, TVL hits 2021 highs
Native tokens from multiple decentralized finance protocols are seeing gains soar above 50% in November as the month closes to an end, backed by investors’ renewed confidence after the United States elections and hopes of more regulatory clarity for digital assets.
According to data from the Tie Terminal, tokens issued by Curve Finance ( CRV ), Athena ( ENA ), dYdX ( DYDX ) and Lido ( LDO ) are among the biggest gainers over the past 30 days across leading DeFi protocols by market capitalization.
At the time of this writing, CRV is up120.23% over the past 30 days, followed by a 77.6% rise in ENA, a 53.7% jump in DYDX and a 64.9% increase in LDO.
Tokens from PancakeSwap ( CAKE ), Uniswap ( UNI ) and SushiSwap ( SUSHI ) have also amassed impressive gains in recent weeks: CAKE is soaring 53.8%, while UNI is up 54.7%, and SUSHI is gaining 57.9% over the period.
November’s gains are moving the charts back to levels last seen in 2021. According to DefiLlama, the total value locked on DeFi protocols stood at $118.4 billion on Nov. 25 — the highest level in three years.
DeFi total value locked. Source: DefiLlama
DeFi tokens have been following the positive trend across crypto assets since early November when Donald Trump secured a new term at the White House. Altcoins’ correlation with Bitcoin ( BTC ) price, however, has been declining over the past few days.
Related: MicroStrategy expands Bitcoin holdings with $5.4B purchase
According to analysts from Bitwise, Bitcoin’s market cap dominance has reversed significantly and declined back below 60% between Nov. 18-22, allowing for more diversification strategies among altcoins:
“We are generally seeing more performance dispersion among altcoins, and altcoins appear to be driven by a more diverse set of investment narratives. In other words, the correlation between major altcoins and Bitcoin has declined significantly, which allows for more alpha opportunities and higher diversification.”
Analysts at Bitwise attribute the shift toward altcoins to Gary Gensler’s upcoming resignation as the Securities and Exchange Commission’s Chair, announced on Nov. 21.
The Bitcoin price is still hovering around the 96,000 mark on Nov. 25, failing to cross the $100,000 milestone as long-term holders are taking profits.
Cryptocurrencies had outperformed traditional assets by a very wide margin over the past week, as weekly inflows into global crypto exchange-traded funds (ETFs) soared to a record $3.1 billion over the week ending Nov. 22.
Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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