Originally published on: November 25, 2024
Native tokens from various decentralized finance platforms are experiencing a significant surge of over 50% in November as the month draws to a close. This impressive growth is fueled by investors’ renewed confidence following the recent US elections and optimism surrounding potential regulatory clarity for digital assets.
Recent data from the Tie Terminal reveals that tokens issued by DeFi giants such as Curve Finance (CRV), Ethena (ENA), dYdX (DYDX), and Lido (LDO) have witnessed substantial gains over the past 30 days, leading the market capitalization charts.
As of the latest update, CRV has surged by 120.23% in the last 30 days, with ENA following closely with a 77.6% increase, DYDX with a jump of 53.7%, and LDO seeing a remarkable 64.9% rise.
Additionally, tokens from other popular platforms like PancakeSwap (CAKE), Uniswap (UNI), and SushiSwap (SUSHI) have also experienced notable growth in recent weeks. CAKE has climbed by 53.8%, UNI by 54.7%, and SUSHI by 57.9% during this period.
These impressive gains in November are propelling the DeFi market back to levels last observed in 2021. According to DefiLlama, the total value locked (TVL) on DeFi protocols reached $118.4 billion on Nov. 25, marking the highest level in three years.
Furthermore, DeFi tokens have been following a positive trend alongside the broader cryptocurrency market since the start of November, coinciding with the re-election of Donald Trump. Notably, the correlation between Bitcoin’s price and altcoins has been decreasing in recent days.
Analysts from Bitwise have observed a significant decrease in Bitcoin’s market cap dominance, falling below 60% between Nov. 18-22. This shift is enabling investors to explore diversification strategies among alternative cryptocurrencies.
The recent announcement of Gary Gensler’s resignation as the Chair of the Securities and Exchange Commission on Nov. 21 has further fueled interest in altcoins, driving the market’s momentum.
Despite Bitcoin’s price hovering close to $96,000 on Nov. 25 and facing resistance at the $100,000 level, cryptocurrencies have continued to outperform traditional assets. Inflows into global cryptocurrency exchange-traded funds (ETFs) surged to a record $3.1 billion for the week ending Nov. 22, highlighting the growing investor interest in digital assets.
With DeFi tokens reaching new highs and the overall market showing resilience, the cryptocurrency sector is poised for further growth in the coming weeks. Stay informed with the latest insights and updates by subscribing to our Markets Outlook newsletter for expert analysis and trading strategies.