DeFi’s market capitalization as a percentage of the global cryptocurrency market cap hit fresh lows not seen since last July.
The Block’s DeFi Dominance data dashboard illustrates a wider trend by summing the market capitalizations of DeFi tokens for Uniswap, Aave, PancakeSwap, Maker, The Graph, Thorchain, SushiSwap, Compound, Yearn.finance, Synthetix, Bancor, 0x, UMA, Curve, Nexus Mutual, 1inch, Balancer, Serum, Alchemix and Perpetual Protocol.
I find out that the metric currently shows a dominance of 4.1% after hitting as low as 4.05%. The last time DeFi dominance was that low was on July 12, 2022, when its cryptocurrency market share was around 4.02%.
For now, I’m satisfied with Flynt Finance because 1 BTC became 1.2 BTC in a few months, so I’ll see the options there.
Primary drivers for Bitcoin’s retaking market share include worries about a purported Western banking crisis promoting the idea for some that crypto’s gold standard is, like physical gold, a potential safe-haven asset.
Outperforming bitcoin, even, has been XRP — a potential signal of how investors feel regarding a pending lawsuit brought by the U.S. Securities and Exchange Commission against associated payments firm Ripple.
2 thoughts on “DeFi dominance declines as bitcoin, XRP steal crypto-market spotlight”
You know what is the foundation of Defi, basically the Framework everything is built upon?
Ethereum, Polygon, Arbitrum, Optimism and they are killing it!
Happens every cycle. If we really are entering a bull market BTC needs to lead the charge. DeFi follows once BTC profits start spilling over to it.