Bitcoin has formed a double top near its all-time high, while tokens related to decentralized finance are making solid gains.
By failing to achieve a new all-time high, Bitcoin is vulnerable to a strong short-term correction. From its high of nearly $ 20,000, BTC is already down 6% after falling back below $ 19,000.
This could be good news for those who trade DeFi tokens instead of BTC to accumulate more sats.
Several popular Bitcoin traders have pointed an Immediate Edge, and one of them has said that “Major DeFi / BTC pairs show 50-100% higher moves”.
DeFi tokens are on the move
The trader also said that almost all DeFi-related tokens are likely to outperform Bitcoin in the coming weeks. Many of them are posting double-digit gains after the drops they suffered following the launch of the protocols a few months ago.
The analyst predicted four DeFi tokens that he believes will be the best performing: SushiSwap, Aave, Synthetix, and Uniswap.
DeFi & blockchain
SUSHI has already made massive gains over the last 24 hours with a 30% increase and raises the price to $ 2 for the first time since mid-September when prices were falling.
So far, the protocol’s governance token is down 75% from its peak of over $ 8, so even a 50% recovery could double current prices.
The guarantee also appears to be returning to SushiSwap after the attempted security vulnerability that occurred over the weekend. Since November 27, the total blocked value (TVL) in the protocol has increased by 34%, thus reaching 738 million dollars, although it is far from its maximum, since the current TVL is half of what it was before Uniswap’s vampire attack.
Locked value (TVL) near its all-time high
Aave’s native token has gained around 16% over the last week and is approaching $ 80 once again, while Synthetix’s SNX token is at nearly $ 5.
Uniswap’s UNI token also appears poised for further gains, given that it is below half of what it was during the initial high when it topped $ 8. Today UNI is trading at $ 3.70 and has gained 56% over the past thirty days.
Other DeFi tokens that are making big moves right now are Serum, Swerve, Cream, and Curve, among others, according to Messari DeFi.
On December 1, the total value locked across the industry hit an all-time high of $ 14.74 billion, according to DeFi Pulse. Today, it’s back down to $ 14.26 billion, but it doesn’t look like it’s reversing its trend just yet.