Ethereum's price divergence signals this for DeFi blue-chip tokens
native cryptocurrency, has been gaining ground on the established tokens of DeFi’s leading projects. This development indicates a potential decoupling between Ethereum and these blue-chip tokens.data, a notable divergence in price trends between Ethereum’s DeFi tokens and ETH has come to light.
The data revealed that following the “DeFi Summer” in January 2021, DeFi tokens embarked on a more rapid upward trajectory than. However, this surge was short-lived, as a significant drop occurred in May 2021, followed by a continuous decline. Even during the latter part of the 2021 bull market, DeFi tokens exhibited less responsiveness to positive market movements. This might be due to the market’s growing preference for NFTs during that period.Furthermore, it was worth noting that the DeFi index failed to surpass its previous all-time high in May. It remained -42% below it, despiteAs of January 2023, a breakdown in the correlation between Ethereum and DeFi tokens emerged.
This indicated a continued struggle for DeFi tokens to attract investor attention. Interestingly, this struggle persisted even asAdditionally, the monthly average of new addresses has consistently remained below the yearly average, except for a notable spike that occurred around the time of theHowever, it is important to note that this spike does not indicate new demand for DeFi tokens.
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