The cryptocurrency industry saw a significant increase in valuation during February due to large price movements in the market. Despite the bearish sentiment earlier this month, the top tokens successfully broke through their respective resistance levels.
With the month just one day away from completion, market leader Bitcoin has successfully reached $63,000, resulting in significant gains for other tokens. With the main event, the Bitcoin halving, almost two months away, BTC price remains less than 9% off ATH.
The decentralized finance (DeFi) category has followed market trends and seen a notable uptick in valuation. Total value locked (TVL) now stands at $187.5111 billion, a 55.94% increase in monthly percentage change (MOM) and significant gains in new categories.
The best decentralized finance (DeFi) category!
The DeFi category has successfully recaptured a $150 billion market and is having a significant bullish impact on the cryptocurrency industry. By achieving its key goals, the decentralized finance category is set to test the $200 billion scale in the coming years.
The category’s highest-growing new subsegments highlight a shift in interests among investors. This article also contains the top 4 subparts of this category.
loan:
The lending category is currently valued at $31.571 billion and has trended significantly higher in value this month. The month started with a valuation of $22.8111 billion, adding $8.76 billion, a change of 38.402%.
Kamioland recorded the largest gain in lending with a change of +81.31 over the last 30 days, followed by Spark with a change of 61.52% and LayerBank with 47.57% added to their respective portfolios.
payment:
The payments category started the month with a valuation of $306.87 million and saw a significant increase in valuation, adding $117.88 million, a change of +38.41%. It is currently worth $424.75 million and is on track to hit $500 million in the future.
Of the top 10 tokens, 8 showed positive price movement. Pulsar Money recorded the highest gain of +1,863%, while Super Fluid recorded a +635% change in valuation. On the other hand, Telcoin recorded a loss of 78.64% over the past 29 days.
Dex:
Dexes, on the other hand, started with $14.372 billion per month and added $4.567 billion to its current valuation of $18.939 billion, a 31.77% change in valuation.
The best performers among the top 10 this month are Balancer (48.53% change), Curve DEX (+39.13% change), and Thorchain (+34.18% change). All of the top ten tokens recorded positive sentiment this month, making it a successful month for the bottom half.
Liquid Staking:
Liquid staking plays an important role in the DeFi ecosystem, accounting for 28.5% of total value locked (TVL). The month started with a value of $33.475 billion, added $19.972 billion, and is now worth $53.447 billion, a change of +59.66%.
Mantle Staked ETH recorded the highest monthly (MOM) return of 140%, followed by Swell Liquid Stake with a +97.82% change and Stake Store with a 75.14% change in their respective portfolios.
Top DeFi Performers of February!
The decentralized finance (DeFi) category completed its second month on a positive note, adding approximately 56% to the portfolio. Moreover, the recent market boom gives investors comfort about the prospects for this category.
EigenLayer recorded the highest gain this month with a change of +375.22%, followed by Spark with a change of +60.12% and Lido Dao with a change of +58.60% over the past 29 days. The top 20 companies in the category have all recorded positive price action, leading to industry success.
- Lido Dao (LDO): The LDO token continues to lead with a current value of $34.171 billion. It started the month with a value of $21.568 and added $12.63 billion, a change of +58.171% over the previous month.
- AAVE (AAVE): Aave recorded a jump of $4.496 billion, a change of +41.373% over the last 29 days. This month’s valuation started at $10.867 billion and finished at $34.171 billion.
- EigenLayer: Turned out to be the emerging stock of the month with the highest gain among the top ten. Starting this month at $2.03 billion, its current value is $9.647 billion, a change of +375.22%.
- Maker Dao (MKR): The Maker token lost third place in the table despite registering a +22.71% increase in value. MKR tokens started this month at $7.718 billion and are currently worth $9.42 billion.
- JustLend: Recorded relatively small gains compared to other top tokens. This month, it increased by about $897 million, a change of +14.45% from $6.24 billion to $7.11 billion.
conclusion:
The DeFi category has successfully recorded a massive rise in the charts and is expected to hit new records this year. Additionally, the DeFi category has been showing a sustained upward trend for four consecutive months, indicating increasing inflows of digital assets into the cryptocurrency market.
With the current bullish sentiment in the industry, a possible alt season, and Bitcoin halving just around the corner, the upcoming months are expected to be crucial for the industry as the top tokens are on the verge of breaking key resistance levels.