{"id":440523,"date":"2020-10-06T01:00:06","date_gmt":"2020-10-06T01:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=440523"},"modified":"2020-10-06T01:00:06","modified_gmt":"2020-10-06T01:00:06","slug":"ethereum-leads-defi-tokens-on-a-60-average-fall-from-summer-highs","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-leads-defi-tokens-on-a-60-average-fall-from-summer-highs\/","title":{"rendered":"Ethereum Leads DeFi Tokens On A 60% Average Fall From Summer Highs"},"content":{"rendered":"

Ethereum is the top dog when it comes to DeFi. Other decentralized finance tokens are built on its blockchain and require ETH gas fees to transact<\/a>. This also could be why the top-ranked altcoin is held up a lot better than the rest of the DeFi space, which has fallen on average 60% across the board, Ethereum included.<\/p>\n

Just how far have these assets fallen from recent Summer highs, and how much deeper could DeFi dive into the end of the year?<\/p>\n

DeFi Tokens Dive 60% Or More Across The Board: Has The Mini-Bubble Popped?<\/h2>\n

Due to the promise of DeFi<\/a>, it is not surprising how popular it became. What is shocking was how rapidly the trend took off, and how quickly asset valuations soared.<\/p>\n

Aave (LEND) for example<\/a>, remains up well over 3000% year-to-date, even after a drop of 40% from the summer highs. But now that DeFi’s summer of love is over, the breakup is about to get nasty.<\/p>\n

On average, most Ethereum-based DeFi tokens have tanked by 60% or more from the recent peak. And in short order, several of these tokens have already lost as much as 90% in some cases.<\/p>\n

Related Reading | The Great Ethereum Debate: DeFi Versus ICOs<\/a><\/strong><\/em><\/p>\n

The collapse of the weakest decentralized finance tokens is reminiscent of the ICO collapse<\/a> around the time the crypto bubble burst. Some of the projects born from them are still interesting projects today, but most are dead, abandoned, and remain down by 90% or more.<\/p>\n

Even Ethereum itself still has long ways to go to revisit former all-time highs compared to even Bitcoin.<\/p>\n

Never having experienced a major negative drawdown helped many of these DeFi tokens keep on climbing, but now that is over, could the crypto market collapse due to the DeFi mini-bubble<\/a>?<\/p>\n

https:\/\/twitter.com\/ceterispar1bus\/status\/08272896?s=21<\/p>\n

Ethereum Holds Strong Compared To Other Tokens, Here’s Why<\/h2>\n

Ethereum, the protocol that most popular DeFi tokens are built on<\/a> has held up a lot stronger compared to the rest of the decentralized finance space.<\/p>\n

In the chart below, Ethereum’s fall is compared to other DeFi tokens such as Balancer and Yearn.Finance. YFI was one of the biggest success stories<\/a> of the mini-bubble, sending the asset’s price soaring to four times the price per Bitcoin. Now it is at risk of falling to prices much cheaper.<\/p>\n

\"ethereum<\/p>\n

Ethereum (ETH<\/a>) Versus Balancer (BAL<\/a>) Versus Yearn.Finance (YFI<\/a>) | Source: TradingView<\/a><\/pre>\n
While the DeFi trend was far shorter-lived than the ICO-boom<\/a>, there’s clearly a resemblance between the two trends. Etheruem was central to both, and while the latter is more sustainable, there’s no denying the crypto sub-category got out of control too quickly.<\/p>\n
When speculative assets get overheated too quickly, valuations come tumbling down just as hard, as crypto investors time and time again have learned the hard way.<\/p>\n
And unlike the rest of the DeFi tokens that aren’t quite ready for real-world adoption, Ethereum has cemented itself as the backbone of the crypto industry itself.<\/p>\n
Related Reading | DeFi Overtakes Ethereum In The Media, Data Shows<\/a><\/strong><\/em><\/p>\n
Between Etheruem proving once again it can foster innovation in decentralized financial technology and these tokens requiring ETH to move, the second-ranked cryptocurrency is keeping strong.<\/p>\n
Hopefully, the drawdown in DeFi is as fast and furious<\/a> as the ride upward as so the correction can get over with and Bitcoin and Etheruem can get back on track toward new all-time highs.<\/p>\n
Featured image from DepositPhotos, Charts from TradingView<\/pre>\n","protected":false},"excerpt":{"rendered":"
Ethereum is the top dog when it comes to DeFi. Other decentralized finance tokens are built on its blockchain and require ETH gas fees to transact. This also could be why the top-ranked altcoin is held up a lot better than the rest of the DeFi space, which has fallen on average 60% across the board, Ethereum included. Just how far have these assets fallen from recent Summer highs, and how much deeper could DeFi dive into the end of the year? DeFi Tokens Dive 60% Or More Across The Board: Has The Mini-Bubble Popped? Due to the promise of DeFi, it is not surprising how popular it became. What is shocking was how rapidly the trend took off, and how quickly asset valuations soared. Aave (LEND) for example, remains up well over 3000% year-to-date, even after a drop of 40% from the summer highs. But now that DeFi’s summer of love is over, the breakup is about to get nasty. On average, most Ethereum-based DeFi tokens have tanked by 60% or more from the recent peak. And in short order, several of these tokens have already lost as much as 90% in some cases. Related Reading | The Great Ethereum Debate: DeFi Versus ICOs The collapse of the weakest decentralized finance tokens is reminiscent of the ICO collapse around the time the crypto bubble burst. Some of the projects born from them are still interesting projects today, but most are dead, abandoned, and remain down by 90% or more. Even Ethereum itself still has long ways to go to revisit former all-time highs compared to even Bitcoin. Never having experienced a major negative drawdown helped many of these DeFi tokens keep on climbing, but now that is over, could the crypto market collapse due to the DeFi mini-bubble? https:\/\/twitter.com\/ceterispar1bus\/status\/08272896?s=21 Ethereum Holds Strong Compared To Other Tokens, Here’s Why Ethereum, the protocol that most popular DeFi tokens are built on has held up a lot stronger compared to the rest of the decentralized finance space. In the chart below, Ethereum’s fall is compared to other DeFi tokens such as Balancer and Yearn.Finance. YFI was one of the biggest success stories of the mini-bubble, sending the asset’s price soaring to four times the price per Bitcoin. Now it is at risk of falling to prices much cheaper. Ethereum (ETH) Versus Balancer (BAL) Versus Yearn.Finance (YFI) | Source: TradingView While the DeFi trend was far shorter-lived than the ICO-boom, there’s clearly a resemblance between the two trends. Etheruem was central to both, and while the latter is more sustainable, there’s no denying the crypto sub-category got out of control too quickly. When speculative assets get overheated too quickly, valuations come tumbling down just as hard, as crypto investors time and time again have learned the hard way. And unlike the rest of the DeFi tokens that aren’t quite ready for real-world adoption, Ethereum has cemented itself as the backbone of the crypto industry itself. Related Reading | DeFi Overtakes Ethereum In The Media, Data Shows Between Etheruem proving once again it can foster innovation in decentralized financial technology and these tokens requiring ETH to move, the second-ranked cryptocurrency is keeping strong. Hopefully, the drawdown in DeFi is as fast and furious as the ride upward as so the correction can get over with and Bitcoin and Etheruem can get back on track toward new all-time highs. Featured image from DepositPhotos, Charts from TradingView<\/p>\n","protected":false},"author":517,"featured_media":440529,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,6664,54512,8323,65296,4854,1946,8686,78803],"class_list":["post-440523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-crypto","tag-defi","tag-eth","tag-ethbtc","tag-ether","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Leads DeFi Tokens On A 60% Average Fall From Summer Highs<\/title>\n<meta name=\"description\" content=\"Ethereum is the top dog when it comes to DeFi. Other decentralized finance tokens are built on its blockchain and require ETH gas fees to transact. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Leads DeFi Tokens On A 60% Average Fall From Summer Highs","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-leads-defi-tokens-on-a-60-average-fall-from-summer-highs\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-leads-defi-tokens-on-a-60-average-fall-from-summer-highs\/"},"thumbnailUrl":"","image":{"@type":"ImageObject","url":""},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","crypto","defi","eth","ethbtc","ether","ethereum","ethusd","ethusdt"],"dateCreated":"2020-10-06T01:00:06Z","datePublished":"2020-10-06T01:00:06Z","dateModified":"2020-10-06T01:00:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Leads DeFi Tokens On A 60% Average Fall From Summer Highs\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-leads-defi-tokens-on-a-60-average-fall-from-summer-highs\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-leads-defi-tokens-on-a-60-average-fall-from-summer-highs\\\/\"},\"thumbnailUrl\":\"\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"crypto\",\"defi\",\"eth\",\"ethbtc\",\"ether\",\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2020-10-06T01:00:06Z\",\"datePublished\":\"2020-10-06T01:00:06Z\",\"dateModified\":\"2020-10-06T01:00:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/440523"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=440523"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/440523\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=440523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=440523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=440523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}