A slew of decentralized finance (DeFi) projects skyrocketed over the past week, outperforming Bitcoin’s (BTC) already bullish price action.
However, several of the surging DeFi altcoins began to pull back on Monday.
Aave (AAVE), a DeFi lending and borrowing protocol, is up more than 27% in the past seven days, but is down nearly 1.6% in the past 24 hours. The 46th ranked crypto asset by market capitalization is trading at $65.98 at the time of writing.
Kava (KAVA), an interoperable layer-1 blockchain and DeFi platform, costs $1.00 at the time of writing. The 72nd ranked crypto asset by market capitalization is up more than 24% in the past week, but is down 4.6% in the past day.
And Compound (COMP), a decentralized lending platform, is up more than 41% in the past seven days. The 126th ranked crypto asset by market capitalization is trading at $40.29 at the time of writing and is up 4.43% in the last 24 hours.
Bitcoin, on the other hand, is up more than 13% in the past week. The leading crypto asset by market cap is trading at $30,449 at the time of writing.
Despite the strong week for numerous DeFi projects, some crypto analysts remain bearish on the emerging asset class. Pseudonymous trader Capo told his 766,600 Twitter followers on Friday that he expected a general altcoin capitulation that would see them lose more than half their value.
Earlier this month, fellow crypto analyst Benjamin Cowen predicted that “the altcoin reckoning will continue.”
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