Originally published on: November 25, 2024
As November comes to a close, native tokens from various decentralized finance protocols are experiencing explosive growth, with gains surpassing 50%. This surge is driven by investors’ renewed confidence following the US elections and expectations of increased regulatory clarity in the digital asset space.
Data from the Tie Terminal reveals significant increases in the tokens issued by Curve Finance (CRV), Ethena (ENA), dYdX (DYDX), and Lido (LDO), among others. CRV leads the pack with a remarkable 120.23% gain over the last 30 days, followed by ENA, DYDX, and LDO, each recording substantial increases.
PancakeSwap, Uniswap, and SushiSwap tokens have also seen impressive growth in recent weeks, with CAKE, UNI, and SUSHI posting substantial gains. These noteworthy performances are pushing the charts back to levels last observed in 2021, reflected by the total value locked in DeFi protocols reaching $118.4 billion, a three-year high.
DeFi tokens are aligning with the positive trend seen in the broader crypto market since the beginning of November. The correlation between altcoins and Bitcoin has been diminishing, with analysts pointing to Gary Gensler’s resignation as the Chair of the Securities and Exchange Commission as a significant factor influencing the shift towards altcoins.
Despite Bitcoin’s price hovering around $96,000 and failing to breach the $100,000 milestone, investors are taking profits, contributing to the vibrant performance of cryptocurrencies. Global crypto ETFs have witnessed record inflows, underscoring the growing interest in digital assets.
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