Bitcoin has ushered in some mild gains in the last 48hrs, resulting in a price upsurge at the $47,000 price level. Altcoins have also followed suit, as prices correct upwards. However, Solana (SOL) And Polkadot (DOT) stood out as the anomalies.
While there was strong sentiment about Ethereum (ETH) leading the altcoin market into alt season, The aforementioned DeFi tokens seem to have taken the center stage, with Solana (SOL) hitting a new all-time high in price levels.
Solana bulls wild awake as (SOL) takes on $70
SOL kicked off the week strongly after settling within the top 10 most valued crypto categories. The victory would carry on as Solana would surge by 90% within the last week.
In the last 48hrs, SOL bulls pushed the price of the asset up by 20%, causing SOL to break through $70, and further hitting a new all time high of $75. The road to $100 might be just around the corner, but only if SOL bulls maintain this pace and retain already sustained gains. In the meantime, Solana traders are on the lookout for when the asset leaps to $80.
Meanwhile, Polkadot (DOT) has also imitated SOL. DOT’s weekly gains sit attractively above 28%, while daily gains surge past 15%. After closing at $26.54 yesterday, DOT corrected upwards by 10%, resulting in a price swing to $28 today.
DeFi continues to rake in billions in value as tokens see mass adoption
While DOT and SOL are some of the highest gainers this week, it is important to note that other DeFi tokens have managed to build decent momentum. The DeFi industry continues to expand in market value. Total Locked in Value recently hit $148 billion. Notably, Ethereum ($116 billion), Terra ($5 billion), and Solana ($2 billion) are leading the DeFi market. The DeFi network is now approaching a new ATH, and considering how fast DeFi tokens are soaring, it could happen anytime soon.
While total locked value does not accurately measure the level of adoption of DeFi coins, as observer and Messari researcher Ryan Watkins noted, it attempts to mirror down how high adoption has gotten.
“First off, TVL isn’t a perfect measurement of adoption, but what it does show is how much value people are entrusting to smart contracts. $148 billion is no joke. This number continuing to increase suggests increasing comfortability entrusting wealth to code.”
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