June 3, 2023

Bitcoin at $47K, DeFi-Based Tokens AAVE and UNI Spike 8%

Bitcoin continues to consolidate around $47,000 after failing to overcome $48,000 hours ago. Most altcoins are also untypically calm since the start of the new year, with a few exceptions. Some DeFi tokens, such as UNI and AAVE, have charted more impressive gains.

DeFi Coins on the Rise

Although the altcoin space is generally known for its enhanced volatility, the first three days of 2022 have been quite the opposite as most assets have remained calm.

Ethereum continues to dabble with the $3,800 line. The second-largest crypto surpassed that level yesterday but has declined slightly since then and now sits just shy of it.

Binance Coin finds itself trading at a similar position as yesterday at around $525. Polkadot and Terra are slightly in the green, while Solana, Cardano, Ripple, Avalanche, Dogecoin, and Shiba Inu have registered minor losses.

The most significant gainers come from the DeFi industry. Yearn.Finance’s native token leads the trend with a 12% increase. As a result, YFI has surpassed $40,000.

Aave follows with a 9% jump to $275. Uniswap is next as an 8% rise has driven UNI to above $18.

The cryptocurrency market capitalization has remained still on a daily scale at just under $2.250 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Sits Around $47K

The primary cryptocurrency last experienced high price fluctuations at the end of 2021. A sudden price pump took it from below $47,000 to a high of $48,500, but the bears were quick to intercept the move.

In the following hours, they pushed the asset down by approximately $3,000, and BTC bottomed below $46,000. As reported yesterday, bitcoin started to recover and traded around $47,000.

In the past 24 hours, BTC initiated another leg up that resulted in touching $48,000. However, it failed to breach that level, and bitcoin now trades around $47,000 once more. Consequently, its market capitalization has remained stuck below $900 billion 13 years after the network launched.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.

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