Optimism in the crypto market grew as Bitcoin hit a new all-time high (ATH) near $ 67,000 yesterday (October 20), breaking new ground, with dumping and investors watching closely how altcoins and DeFi tokens react.
Cryptocurrency Fear and Greed Index | Source: alternative.me
The DeFi sector also benefited from Bitcoin’s bullish breakout, and the Total Value Locked (TVL) across all DeFi protocols rose to a new record high today.
follow data by DeFi Llama, which gathers data from DeFi protocols across all major blockchain networks like Binance Smart Chain (BSC), Avalanche (AVAX), and Wrapped Bitcoin (WBTC), now has $ 239.89 billion lost keys in protocols in different blockchain networks. AAVE leads at $ 18.79 billion and Curve ranks second at $ 17.97 billion.
TVL in DeFi | Source: DeFi Lama
Due to the rise in Bitcoin price, WBTC is currently ranked fourth out of TVL at $ 14.51 billion
The top projects with the strongest increase in TVL in the last 7 days are Trader Joe with an increase of 57.2%, Rari Capital + 50.57% and Yield Yak + 36.52%.
Top TVL increased in the last 7 days | Source: Token Terminal
In addition to the increased value of the token, the DeFi ecosystem also saw a sharp surge in the influx of new users. Data from Dune Analytics shows that now 3,591,876 unique wallets have interacted with at least one DeFi protocol.
Total number of DeFi users over time | Source: Dune Analytics
Despite the influx of new users, the trading volume on decentralized exchanges (DEXs) remains well below the highs of May and is now below the activity of the last few months.
Monthly trading volume of DEXs | Source: Dune Analytics
One possible reason for this is the growing focus on Bitcoin in recent months due to speculation about when Bitcoin Exchange Traded Funds (ETFs) will be launched and whether or not the Bitcoin price will exceed the $ 100,000 mark by the end of 2021.
Another factor contributing to DeFi’s growth could be the stable integration and addition of stablecoins.
There was an interesting story of a surge in Tether’s (USDT) circulating supply, which largely coincided with a surge in Bitcoin price, and the recent rally was no exception as Bitcoin kicked in on the same day. New ATH values, as well as the circulating supply of USDT.
https://twitter.com/ChrisBTCbull/status/1450859065475731456?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener“Tether just passed a market cap of $ 70 billion.”
The importance of stablecoins to the DeFi economy in general is also demonstrated by the TVL on Curve, particularly in relation to the creation of stablecoin pools for use across the ecosystem.
The total crypto market cap is $ 2,650 billion and the dominance of bitcoin is 46.4%.
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