Many DeFi tokens experienced a price spike on February 4, when Bitcoin (BTC) and Ether (ETH) prices traded sideways throughout the day. Aside from the general bullish trend that is permeating the DeFi sector, the positive comments from well-known investors appear to be the benefits of blockchain technology, and DeFi seems to be amplifying sentiment across the sector.

At the moment, the bitcoin price is still struggling to get back to the $ 38,000 level, and according to Cointelegraph analyst Marcel Bischman, top traders may have added their short positions when BTC surged to $ 38,000 on February 3.

Elon Musk sparked a wave again when the ‘DOGE’ tweet resulted in a sharp increase in volume, causing Dogecoin (DOGE) to rise 48% to $ 0.054. XRP also rose 12.45% to a daily high of $ 0.4365.

The UMA price over time rose 158% to $ 44.25 and then corrected to the current value of $ 33.13. The 0x decentralized exchange (ZRX) provider also surged 70% to a new high of $ 1.35 in 2021.

DeFi lending platforms AAVE, Compound (COMP), and Maker (MKR) all hit all-time highs as prices rose 46.68%, 36.6% and 22.69%, respectively.

Traditional markets are growing
Traditional markets were also supported as stocks rallied for the fourth day in a row, primarily driven by technology stocks such as eBay (EBAY), which rose 5%, and PayPal (PYPL), which rose 7%.

The S&P 500, Dow and NASDAQ closed the day in positive territory, gaining 1.09%, 1.08% and 1.23% respectively.

DeFi grabs attention
Growing interest from business leaders such as Mark Cuban and organizations such as Grayscale Investments has led to increased interest in the crypto sector, as well as revealing the growing participation of traditional finance in the cryptocurrency ecosystem.

With the introduction of MicroStrategy CEO Michael Saylor’s “ Bitcoin Boot Camp ” for over 1,400 listed companies over the past two days, recent price movements and increased visual volumes today could be the start of wider adoption and increased influx into Bitcoin and DeFi. … ecological system.

The total market value of the cryptocurrency is now $ 1.13 trillion and Bitcoin’s dominance rate is 60.9%.

Source: CoinTelegraph