After shedding some of their values, DeFi coins once again get exposure to investments. According to the latest reports, the total value locked in different DeFi protocols has reached $12 billion after an injection of $1 billion over the last 48 hours.
According to the on-chain analytics DeFi Pulse, the value across DeFi platforms has marked a new all-time high value after claiming the figure of $12.3 billion. The locked collateral value has jumped on the entry of new DeFi bulls in the crypto markets.
DeFi Pulse’s Data
Per the DeFi Pulse’s data, almost $1 billion has been injected into the decentralized market. However, other analytics firms tell different figures. For instance, Coingecko says, the total value locked (TVL) has reached $11.6 billion.
According to Coingecko’s tracker, the total market capitalization of DeFi has claimed $14.3 billion. It further shows that nearly $2 billion has been added over the last 48 hours.
Spencer Noon, head of DTC Capital, claims that bulls of the decentralized market are going towards the next bullish market cycle. “Phase 2 of this #DeFi bull market will make this summer look like nothing,” Noon added.
Bitcoin’s Price and DeFi’s Boom
According to Noon, the yield farmers went to Bitcoin after getting high returns during the DeFi boom. However, he believes that the coming election will act as a bullish catalyst for DeFi coins and a bullish cycle is expected.
The growth over 48 hours is due to the announcement of PayPal for cryptocurrency support. After PayPal’s green signal for digital assets, various DeFi coins, such as Synthetix, Airswap, Curve, and Aave, have submitted an exponential increase.
The price increase of Ethereum coin is another factor that is pushing the DeFi coins upward. According to CoinMarketCap, Ethereum has increased by 12% over the last two days and tapped the peak figure of $415.
Analytics firm Messari has dedicated DeFi Returns Index to check the performance of 46 DeFi coins. Per the DeFi Returns Index, some coins have shredded more than 40% of values over the last 30-days. The low performing coins include Augur, Swerve, Meta, Curve, SushiSwap, and bZx.