The Impact of DeFi and Stablecoins on the Crypto Market
The decentralized finance (DeFi) sector has contributed over $5 billion to the overall cryptocurrency market volume, making up around 11% of the total volume. Stablecoins, known for their price stability, have also seen significant movement with a volume of $42.2 billion, representing 88.66% of the 24-hour market volume.
1. MultiversX (EGLD)
MultiversX, operating on the Elrond network, has shown positive trends and metrics. Its price has increased by 11% in the past year and it consistently trades above the 200-day moving average. It has high liquidity with a market capitalization of $1.16 billion.
The current price of MultiversX is $48.97, with a 24-hour trading volume of $218.73 million. Based on market cap, it ranks #28 in the Layer 1 sector. Price projections suggest a potential maximum price of $46.37 by the end of 2023.
2. Bitcoin SV (BSV)
Bitcoin SV has seen a 17% price increase in the past year and maintains a trading position above the 200-day moving average. It has experienced 15 positive trading days in the last 30, indicating a positive trend. The current price of BSV is $49.25 with a market cap of $963.67 million. Projections suggest a bullish sentiment for BSV’s price.
3. PancakeSwap (CAKE)
PancakeSwap has shown a recent resurgence and a potential bullish trend. The token price has hovered around $2 and has exhibited growth towards the $2.74
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