DeFi cryptocurrencies hit record highs

DeFi cryptocurrencies hit record highs

Several DeFi-based cryptocurrencies hit record highs on Sunday, coinciding with Ethereum’s rally

Several decentralized finance (DeFi)-based cryptocurrencies hit new all-time highs on Sunday night, coinciding with a rally in Ethereum (ETH).

Aave (AAVE) hit a new all-time high of $291.60 at press time, up 13.8% in 24 hours. According to data provided by Messari, DeFi tokens have surged 259.8% against the U.S. dollar in a month.

According to DeFi Pulse, at the time of this article’s publication, Aave’s total locked volume was $3.88 billion.

SushiSwap (SUSHI) also hit a new all-time high of $9.78 on Sunday, up 12.5% in the 24 hours at press time to close at $8.58. In a month, the cryptocurrency has gained 265% against the U.S. dollar.

Uniswap (UNI), of which SushiSwap is a fork, is trading up 21.7% at $12.29 at press time. The company hit an all-time high of $12.91 in the early hours of the session.

Curve DAO token (CRV) rose 6.7% to $2.2. On January 9, it reached an all-time high of $5.5.

Yearn. Finance (YFI) was down 0.8% at $31,734.48 at press time, making it an exception to the general trend for DeFi tokens. It reached an all-time high of $43,964.63 last September.

Why it matters: Decentralized finance projects allow blockchain technology to be used for financial aspects other than money. Notably, interest in DeFi projects has increased since last year, and it has intensified in the latest lull in the Bitcoin (BTC) price rally.

According to Defi Pulse, the total value locked in DeFi projects has reached $26.56 billion.

Ethereum (ETH), the blockchain platform primarily associated with DeFi projects, also hit an all-time high of $1,477.47 on Sunday.

At press time, bitcoin was trading up 1.9% at $33,527.04.

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