September proved not to be a particularly good month for cryptocurrencies — many popular coins lost value. The correction also touched DeFi tokens, despite their robust growth in recent months.
According to Coin Metrics, over the past week 72% of the top-250 cryptocurrencies saw price declines. Looking at September as a whole, 93% of assets ended in the red.
Source: Coin Metrics.
The DeFi sector boom, most of whose applications are built on Ethereum, contributed to ETH’s rise to $470 in August. But over the past two weeks the cryptocurrency has corrected to $320–$360, and DeFi tokens have lost between 15% and 85% in value. For example, bZx fell 85%, Curve 78%, and Swerve 76%.
Analysts also examined the distribution of assets hitting new highs and lows. In their view, the current correction is the second-largest since March 2020.
Analysts at DeFi World do not believe the trend has turned bearish. They называют it a normal development and part of a broader trend.
“Take a longer-term view to understand where we are headed. The long-term trend is clear — it is upward,” the statement said.
Earlier, ForkLog reported that Bitcoin updated its record of staying above the $10,000 level. The price has remained above this level for more than 60 days.
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