DeFi: the industry record climb continues

DeFi: the industry record climb continues

Scrolling the list of the Top 20 emerges a faded green sign, that of Cosmos (ATOM) unique above parity with +0.5%. Going down beyond the 22nd place Aave (LEND) goes up again today with a double digit rise above 10%.

In the last few hours, LEND has reached $0.9% and is at an all-time high.

Among the best of the day, beyond Aave (LEND), we find Aragon (ANT) +15% and Kusama (KSM) +25%. The latter is a primitive project of Polkadot (decentralized protocol of interoperability between different blockchain).

On the opposite side, black mesh for Flexacoin (FXC) down more than 13%, followed by Nervos Network (CKB) and Verge (XVG), both -10%.

The declines of the last few hours bring the prices back to test the relative lows of early August, increasing trade mostly caused by the closure of short-term positions. Total trade on spot platforms over $165 billion, with Bitcoin just under $3 billion and Ethereum, half, at $1.5 billion, both the highest level in the last week.

Total capitalization drops to $355 billion, the lowest level since mid-August.

Bitcoin dominance in slight recovery to 59.2%. Ripple unchanged at 3.5% while contracting Ethereum slipping to 12%, beginning of month level.

DeFi uphill

Today the wall of the $7 billion immobilized on the various platforms is demolished.

After the conquest of the first position for countervalue locked in collateral, Aave (LEND) strengthens the podium by climbing over $1.55 billion. New absolute record also for total Ether number used in the various dApps. Over 4.8 million pieces. A 98% increase from early July levels.

Bitcoin (BTC)

Bitcoin prices are again testing the $11,200 support. This is the third time in two weeks. Previously, both times, the support has rejected the downturn by bringing the prices back up to the period highs.

It will be necessary to keep this level in order not to risk going to test the next level in the 10,500 area where in the last 48 hours the defenses of professionals in options have increased.

In the last week the relative strength has increased in favor of the Call options, showing more fear of further declines. This is a reason that raises the caution and makes it easier to wait for further confirmation of the consolidation of a valid support in the medium term.

Ethereum (ETH)

Despite the ferment in DeFi, the price of Ethereum continues to drowsy expressing particular weakness.

After the highs reached on August 17th a slow decline started, due more to lack of new purchases than short sales. At the moment there are no concerns about fluctuations below the psychological threshold of $400.

The technical support to monitor remains the 355 dollars, first level protected also by the Put of the operators in options. A break of this level would open spaces for descents up to $310-305. Only a descent below these levels would begin to ruin the solid uptrend built by the lows of mid-March.