Despite the ongoing boom in the decentralized Finance (DeFi) industry, September was not very successful for cryptocurrencies – the rates of 93% of the 250 largest coins showed a decline.
In the next issue of the State of the Network report, CoinMetrics specialists reported that 72% of the 250 largest cryptocurrencies fell in price over the week. And if you count for the whole of September, 93% of coins were in the red. Investors of tokens of decentralized platforms also remained at a loss. For example, the bZx rate declined by 85%, Curve – by 78%, Swerve – by 76%, and Aave – by 29%.
However, analysts emphasize that, most likely, we are seeing only a slight pullback, and in the near future, the “bullish” trend will resume. This has already happened many times in the cryptocurrency market. DeFiWorld analysts also write about this:
“market movements are determined by bubbles and four-Year cycles. While everyone is thinking about what is happening in the market today, yesterday, or for a month, you just need to abstract and look at the long-term charts. And the trend is clear: the market is going up.”
Researchers also note the increasing capitalization of the stablecoin market, which is approaching the $20 billion mark. Interestingly, the USDC stablecoin has recently shown significant growth – the rate of increase in the capitalization of this coin exceeds the growth of USDT.
Another fact in favor of the continued growth of the cryptocurrency market is that the volume of BTC coins that lie on wallets without movement for more than a year has reached a new record and amounted to 63.5%.
According To NEO co-founder Da Hongfei, the popularity of DeFi projects will only grow and now we are only at the beginning of the industry boom.