Decentralized finance has resumed its growth recently as the cryptocurrency market proceeded with rallies in the past few weeks, with total value locked reaching an all-time high at $267 billion.
Protocols that support the DeFi ecosystem, including Ethereum, Solana and Avalanche, have also seen a considerable climb in their prices.
Daily transactions have also soared on the DeFi protocols, including PancakeSwap, which runs on the Binance Smart Chain.
This could also be due to a “significant structural change” in the cryptocurrency market, as retail exchanges started to deleverage.
Genesis further highlighted a decline in the weighting of Bitcoin in its overall portfolio due to the lack of BTC-denominated trading opportunities.
Bitcoin price has formed a symmetrical triangle pattern on the 4-hour chart, suggesting a move of 13%.
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