As Bitcoin is struggling to maintain its position above $15,000, the DeFi coins have submitted a record performance over the last couple of days which pushes Bitcoin’s dominance below 64%.
Bitcoin from Volatility to Stability
Last week, the top digital asset went to as high as $16,000, but then bears tried to push it lower. Since then, Bitcoin has been struggling hard to maintain price value but it has stabilized itself above $15,000. Once in the last few days, it plunged as low as $14,300, but then pumped to $15,800 due to bullish momentum created by the whales. As soon as it claimed $15,800, the vaccine’s announcement on the part of Pfizer resulted in a 6% loss of Bitcoin’s value.
Over the timeframe of the past 24-hours, the world’s leading asset showed some volatility as it first dropped to $15,100 but then recovered to the current level of $15,400. In order to flip above $16,000, Bitcoin will have to overcome some resistance levels which are standing at $15,600 and $15,800.
Besides Bitcoin’s stability between $15,100 and $14,800, the coins having large-cap and DeFi tokens are making progressive movements. For instance, Ethereum has increased by 3% as it is trading above $460. The ETH coin has continued to express bullish sentiments after the announcement of the results of the US Presidential election. On November 3, it witnessed the high at $370 and showed a 25% surge in just a single week. The current position is also satisfactory as it is up 21.38% over the week.
DeFi Coins’ Performance
DeFi tokens have also submitted an outstanding performance as the fifth-largest largest coin Chainlink (LINK) has surged by more than 29% in the last seven days. Most DeFi coins have shown an exponential increase in the past 24-hours. For instance, Loopring has witnessed a gain of 26% over the last 24-hours. In the list of top-performing coins, SushiSwap and Compound are also included which are up 16.5% and 14%, respectively.