DeFi tokens record double-digit gains as Bitcoin hits $40k – A renewed bullish sentiment returned to the cryptocurrency market on July 26 as Bitcoin’s (BTC) recovery above $40k has sparked a market-wide rally in the altcoins.
Data from Coingecko and TradingView shows that the top movers over the past 24 hours are Amp (AMP), Venus (XVS) and Reserve Rights (RSR).
Five out of the top seven gainers fall into the decentralized finance (DeFi) sector, a possible sign that DeFi may be heating up for another major run in 2021.
AMP/USD
The top performer over the past 24-hours has been Amp (AMP), a digital collateral token protocol that offers instant, verifiable assurances for any kind of value transfer.
Data from TradingView shows that after hitting a low of $0.048 on July 25, the price of AMP rallied 96% to reach an intraday high at $0.094 on July 26 as its 24-hour trading volume jumped more than 800% from an average of $20 million to $280 million.
XVS/USDT
Venus (XVS), a Binance Smart Chain-based algorithmic money market and synthetic stablecoin protocol also saw a strong breakout today.
As seen in the chart above, the price of XVS has spiked 63% from a low of $17.13 on July 25 to an intraday high at $27.95 on July 26 as its 24-hour trading volume surged by more than 600% to $180 million.
According to the latest data provided by Venus, the protocol currently has more than $3 billion in total value locked on the platform and over $1.8 billion in available liquidity.
RSR/USD
The third-biggest gainer on Monday was Reserve Rights (RSR), a dual-token stablecoin platform comprised of the Reserve stablecoin (RSV), which is backed by a basket of assets managed by smart contracts and the RSR token which helps to keep the price of RSV stable through a system of arbitrage opportunities.
Data from Coingecko began to detect a bullish outlook for RSR on July 24, prior to the recent price rise.
The jump in price follows the July 24 upgrade to the protocol which now allows app users to “deposit and withdraw money on Saturdays and Sundays from 6:00 am to 6:00 pm.”