Crypto Collateral Locked in DeFi Reaches All-Time High of $12.3B
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Crypto Collateral Locked in DeFi Reaches All-Time High of $12.3B

October 23, 2020      Vandana Malik

After taking a break for more than a month, it has been seen that DeFi is now back in action. This is because the total crypto collateral which is locked in DeFi has now reached an all-time high of $12.3 billion. Within the last 48 hours, around one billion dollars had been added to the total value, which indicates the true surge in its value. However, the figures on different analytics platforms are quite different from each other.

The Surge in DeFi TVL Followed by Increase in Bitcoin Price

According to the tracker report by Coingecko, the TVL is around $11.6 billion. With this surge to an all-time high, Bitcoin price has also reached a high of 2020 i.e. $13,200. The total market capitalization of DeFi, including all the tokens, is $14.3 billion, which is considered to be a record high. This is because the market cap has increased by $2 billion within the last 48 hours. 

Spencer Noon, DTC Capital Head, has said that the Decentralized Finance’s bull market will soon enter into round two. He said that most of the yield farmers might have moved back to Bitcoin after making some huge gains for months. However, he mentioned:

“The likely inflection point for DeFi Bull Phase 2 is the election, where there are multiple outcomes that would be favorable for risk assets.”

The Surge in TVL Is Due to Increase in Price

It is also believed that the news by PayPal of launching crypto payments have also contributed a lot to such huge gains recently. Along with this, the surge in TVL is also due to an impressive increase in the price of DeFi tokens, which also includes Ethereum. In the past 48 hours, the Ethereum price has increased by around 12%. 

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#All-Time High of $12.3B #DeFi #DeFi Bull Phase 2 #Defi TVL #Increase in Bitcoin Price #Spencer Noon
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.