DeFi Token’s white-hot momentum this year has truly been unprecedented and unpredictable, but it now seems to be at its last legs. This September has been relatively rough for the cryptos of the decentralized finance sector – suffering considerable losses one after the other. Bitcoin, on the other hand, has remained steady. Now many are wondering, will Bitcoin make a push and reclaim the higher dominance?
According to the latest CoinGecko data report, the 100 most prominent DeFi tokens worldwide are predominantly on the decline as of today. This is most apparent to the sector’s biggest tokens, such as Chainlink’s LINK, yearn.finance’s YFI, Ampleforth and UMA, which are all branded as the worst-performing DeFi assets this September 30th. LINK and UMA, fell by 10%, while YFI suffered a drop of over 20%.
These massive drops would make a typical investor lose its head. However, its best to remember that fluctuations at this degree are quite common in the crypto industry, especially to the relatively new concepts such as decentralized finance and yield farming. That being said, sudden major drops such as these cannot be disregarded entirely.
Will Bitcoin capitalize?
Bitcoin, as compared to DeFi, has remained as steady as ever. Despite the many controversies and attacks associated with the most-recognized crypto in the world, Bitcoin has managed to keep its market price value at over $10,000. In fact, it has been observed to take some steps to get over the $11,000 hurdle.