Bitcoin price has hovered between $ 14,800 and $ 15,500 over the past two days, but taller digital assets have struggled to roll around around $ 15,500 to support them.
On a positive note, BTC continues to decline and at the time of writing, the price has been trying to break out of the range but is still facing resistance at $ 15,500.
As the price of BTC fluctuated back and forth, altcoins and DeFi tokens took advantage of the consolidation phase and reversed.
As Messari noted in his tweet today, DeFi tokens such as Yearn Finance (YFI), AAVE, Balancer and UNI are represented by two numbers. Specifically, YFI is up nearly 160% after hitting $ 7,444 on Nov. 5, and AAVE has seen an absolute break in the past two days as the symbol is up 175% from $ 25.87 to $ 70.91.
Aside from these tokens, several tokens on decentralized exchanges are also generating revenue, and Dune Analytics data shows that investors are starting to get more active in the DeFi room again.
As DEX volumes increase, the number of active daily users increases and the sector hit a new record today when DeFi Pulse indicated that the total value recorded on DEX platforms increased to $ 12.87 billion.
While it’s too early to call a high season, Ether (ETH) has recovered and in the last 3 hours the altcoin has broken through its prestigious structure, climbing to $ 466.60.
Analysts also note that the ETH / BTC pair has broken through the downtrend and is currently climbing to the 0.32323 resistance level.
Historically, altcoins have tended to rise when the price of bitcoin fluctuates, and the fundamentals of a rise in ether could be a sign that DeFi and altcoins may be changing direction.
In the short term, traders will be looking to see if BTC can push the $ 15,500 to $ 16,000 level for support, when it could push some bullish altcoins up. Alternatively, if the BTC price stays the same over the next few days, there could be a steady rise from DeFi tokens and a few altcoins.