Market Watch: DeFi Tokens Skyrocket As Bitcoin Price Stopped By $16,000
Although BTC has recovered from the two dips beneath $16,000, so far over the weekend, the asset struggles with decisively reclaiming the coveted price level and the area between $16,000 – $16,250. Larger-cap altcoins have also lost some steam, but DeFi tokens have surged in value.
Bitcoin Stalls Around $16K
Bitcoin’s impressive performance as of late drove the asset from a low of about $15,100 on November 10th to a new yearly high of $16,500 last Friday. The community began anticipating further increases, resulting in a new all-time high north of $20,000.
However, it seems that the primary cryptocurrency has stalled after the most recent gains. Bitcoin lost about $450 if a few hourly candles yesterday and continued dipping to its intraday low of $15,750.
Nevertheless, the bulls intercepted the price drop and assisted in reconquering the $16,000 mark. As of now, BTC trades just above that level, which is also the first support line.
From a technical point of view, If it drops below it again, Bitcoin could find additional support at $15,600 and $15,450.
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Alternatively, BTC must decisively overcome the resistance levels at $16,150 and $16,250 before potentially painting yet another yearly high.
DeFi Tokens Explode
Most alternative coins are slightly in the red. Ethereum has lost about 2% on a 24-hour scale and trades beneath $460 after nearing $480 a few days ago.
Chainlink (-1%), Bitcoin Cash (-2%), Litecoin (-2%), Polkadot (-0.5%), and Cardano (-0.8%) have also decreased slightly.
The situation within the lower, mid-caps, and especially tokens from the decentralized finance field, is substantially different.
SushiSwap is the most impressive gainer since yesterday, with a 28% surge. Moreover, SUSHI has skyrocketed by about 100% over the past seven days and trades at nearly $1.2. UNI, the native token of Uniswap, is also in the deep green after the staking period had finished this week.