Bitcoin has made some minor increases in the last 48 hours, culminating in a price increase to $47,000. As prices correct upwards, altcoins have followed suit. The anomalies, though, were Solana (SOL) and Polkadot (DOT).
While there was a lot of talk about Ethereum (ETH) leading the altcoin market into alt season, it appears that the aforementioned DeFi tokens have stolen the lead, with Solana (SOL) achieving a new all-time high in price levels.
As (SOL) takes on $70, the Solana bulls are wide awake.
SOL had a solid start to the week, sitting in the top ten most valuable crypto categories. The victory would be extended as Solana's stock rose by 90% in the last week.
SOL bulls have pushed the asset's price up by 20% in the last 48 hours, causing SOL to break above $70 and reach a new all-time high of $75. The path to $100 may be right around the corner, but only if SOL bulls keep up their current pace and hold their gains. In the meanwhile, Solana traders are waiting for the asset to reach $80.
In the meantime, Polkadot (DOT) has copied SOL. DOT's weekly gains are nicely above 28%, while daily gains are well above 15%. DOT corrected upwards by 10% after closing at $26.54 yesterday, resulting in a price swing to $28 today.
DeFi continues to amass billions of dollars in value as tokens gain widespread acceptance.
While DOT and SOL have been among the top gainers this week, it's worth noting that other DeFi tokens have also gained traction. The value of the DeFi industry continues to rise. The total amount of money locked up just surpassed $148 billion. The DeFi market is led by Ethereum ($116 billion), Terra ($5 billion), and Solana ($2 billion). The DeFi network is approaching a new all-time high, and given how quickly DeFi tokens are rising, it might happen at any minute.
As observer and Messari researcher Ryan Watkins pointed out, total locked value does not correctly reflect the extent of DeFi currency acceptance, but it does attempt to mirror down how high adoption has reached.
“First and foremost, while TVL isn't a perfect indicator of adoption, it does reveal how much faith individuals place in smart contracts. $148 billion is no laughing matter. The fact that this figure continues to rise implies that people are becoming more comfortable entrusting their wealth to code.”
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