Home Blockchain News DeFi Market Cap Drops 25% In One Day

DeFi Market Cap Drops 25% In One Day

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DeFi Market Cap Drops 25% In One Day

 

The decentralized finance (DeFi) bubble continues to deflate, with crypto market data firm Sentiment reporting a 25% crash in the market capitalization of DeFi assets during yesterday alone.

In a blog post published Oct. 8, Santiment estimated that daily DeFi token trade volumes have fallen by 30% combined, while recent market leaders Sushi (SUSHI), Uniswap (UNI) and Yearn Finance (YFI) are among the hardest hit with weekly losses of 51%, 38% and 31% respectively.

“The crypto market has been engulfed in a sea of red this week, with most DeFi blue chips recording double digit losses over the past 7 days.”

Santiment also noted that the combined value of DeFi assets at the time they last moved on the MVRV blockchain has dropped to an all-time low, “indicating undervaluation” at current price levels.

Recently launched DeFi indexes slumped to record lows this past week, with Binance Futures’ DeFi Composite Index crashing 20% yesterday. The index has now fallen 63% from its first day of trading in late August.

TokenSet’s DeFi Pulse Index (DPI) also fell 20% yesterday, slumping to tag a record low of $ 71 — posting a near 50% retracement since launching four weeks ago.

[image:pixabay]

The post DeFi Market Cap Drops 25% In One Day appeared first on FortuneZ.

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