Despite hitting new 2020 highs, DeFi token gains in November outperform Bitcoin
A lot of attention has shifted to Bitcoin since its massive Bull Run to new 2020 highs. The digital asset has surged from around $12,000 to over $19,000 in the last 2 months. And just like three years ago, the predictions have started rolling in, with some analysts predicting a price of $300,000 by the end of next year.
But despite Bitcoin’s impressive run, a cryptocurrency analyst has revealed that November was a month for DeFi tokens. Industry analyst, ‘Ceteris Paribus’ broke down the gains for November by tokens, revealing that many DeFi tokens made triple gains.
Returns from Nov 1, ~ DeFi bottom. $BTC, $ETH, $DeFi pic.twitter.com/iQCFcyhUcU
— Ceteris Paribus (@ceterispar1bus) December 7, 2020
It appears the rally of DeFi tokens is far from over. November saw the resurgence of many DeFi tokens that have otherwise been dormant. While Bitcoin recorded a monthly gain of approximately 40% (rising from $13,800 to $19,000), a DeFi project like SUSHI surged by over 300%. Meanwhile, Aave and Yearn Finance gained 200% and 160%, respectively. The other top gainers with three-figure gains for the month include RUNE, HEGIC, and BZRX.
It should however be noted that many of these DeFi tokens have had better days. They are still a long way from their all-time highs. Whereas, Bitcoin is only 4% shy from its 2017 all-time high as of press time.
In closing, the total value of locked assets (TVL) across DeFi protocols is at its all-time high, suggesting rising demand. According to Defipulse, the TVL is almost $15 billion. This is a 32% increase in November and a 2100% surged since the beginning of 2020.