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.
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.