DeFi “Blue-Chips” Lead Sector Rebound as Smaller Tokens Underperform
The DeFi sector has been on the up and up throughout the past few weeks, with the post-Summer downtrend first reversing earlier in early-November when Yearn.finance’s YFI token bottomed out at $7,500 and saw a massive overnight surge up towards $18,000. One investor is now noting that although these higher-beta DeFi assets have been widely expected to outperform the rest of the market, they are lagging far behind the supposed “benchmark” tokens within this sector.
DeFi Market Closely Tracks Ethereum’s Price Action Ethereum has been guiding the altcoin market as of late, with its price action largely hinging upon Bitcoin. “Wow, incredible divergence among various DeFi tokens, with the blue-chip ones substantially outperforming since the beginning of the month Markets getting more efficient.”