As Ethereum and Bitcoin hit new highs, DeFi tokens show double-digit growth


In Bitcoin (Bitcoin) Set the price again above 66,000 USD, and Ether hit a record high of 4,793 USD.The gains of the two largest cryptocurrencies helped initiate a rebound of the entire market, making the total market value of cryptocurrencies exceed Reached $3 trillion for the first time.

Unlike the previous rebound in which BTC made significant gains at the expense of the altcoin market, most of the tokens in the top 200 are also in a green state this time, and many projects have achieved double-digit gains.

The top 7 tokens with the largest price changes in 24 hours. source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro with Transaction view UMA (UMA), Loopring (LRC) and Gnosis (GNO) showed the biggest gains in the past 24 hours.

UMA releases cross-chain bridge

The General Market Access Agreement is a platform dedicated to creating synthetic assets on the Ethereum blockchain. These assets are automatically executed and self-executed financial contracts that allow counterparties to digitize and automate any real-world financial derivatives.

Data from Cointelegraph Markets Pro with Transaction view It shows that after hitting a low of $10.72 on October 28, the price of UMA rose by 109% to a daily high of $22.44 on November 7, and its 24-hour trading volume soared by 1,329% to $943 million.

UMA/USD 4-hour chart. Source: TradingView

UMA’s transaction volume and price surged suddenly because the platform launched a “cross-protocol” layer one to layer two bridge on its mainnet, aiming to provide a fast, cheap and safe bridge for decentralized financial users.

Loopring’s low fees attract new users

Loopring is a second-layer extension solution of zkRollups for the Ethereum network, specifically used to create decentralized exchanges (DEX) and payment protocols.

VORTECS™ data comes from Cointelegraph Markets Pro Before the recent price increase, a bullish outlook for LRC began to be discovered on November 5.

Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of market sentiment, trading volume, recent price changes, and Twitter activity.

VORTECS™ score (green) and LRC price. source: Cointelegraph Markets Pro

As shown in the figure above, LRC’s VORTECS™ score climbed to green on November 4th and reached a high of 72 on November 5th, approximately five hours before the price rose by 76% in the next three days.

The momentum of Loopring’s construction comes from the high fees of the Ethereum network continuing to push users to explore low-cost options, which led to a new record of $75 million in daily trading volume of Loopring L2 on November 2nd.

related: As ETH approaches $5,000, Ethereum returns to price discovery

Gnosis proposes to merge with xDAI

Gnosis is a protocol that focuses on building a new market mechanism for DeFi, allowing users to safely create, trade, and hold digital assets on the Ethereum network.

According to data from Cointelegraph Markets Pro, GNO’s market conditions have been around for some time.

VORTECS™ score (green) and GNO price. source: Cointelegraph Markets Pro

As shown in the figure above, LRC’s VORTECS™ score has risen in the green zone in the past week, and reached a high of 79 on November 5th, approximately 10 hours before the price rises by 39.3% in the next two days.

The price increase of GNO is due to the introduction of the Gnosis Improvement Proposal (GIP)16 in the protocol, which suggests that the Gnosis and xDAI communities should merge their tokens to develop the xDAI blockchain under the name of “Gnosis Chain.”

The overall cryptocurrency market value is now $2.88 trillion, and Bitcoin’s dominance rate is 43.2%.

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