{"id":78723,"date":"2023-10-30T23:57:26","date_gmt":"2023-10-31T03:57:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/defi-market-soars-to-42-billion-rises-by-6-2-billion-in-just-two-weeks-is-the-bull-market-here-again\/"},"modified":"2023-10-30T23:57:29","modified_gmt":"2023-10-31T03:57:29","slug":"defi-market-soars-to-42-billion-rises-by-6-2-billion-in-just-two-weeks-is-the-bull-market-here-again","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78723","title":{"rendered":"DeFi Market Soars to $42 Billion, Rises by $6.2 Billion in Just Two Weeks \u2013 Is The Bull Market Here Again?"},"content":{"rendered":"<div>\n<figure id=\"attachment_123461\" aria-describedby=\"caption-attachment-123461\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-123461\" class=\"wp-caption-text\">Source: Adobe \/ iQoncept<\/figcaption><\/figure>\n<p>The digital asset market has recorded several wins this month with Bitcoin (BTC) hitting a 16-month high and surging activities around decentralized finance (DeFI) applications.<\/p>\n<p>According to data from DefiLlama, the total value locked (TVL) on DeFi protocols has soared to $42 billion, marking a three-month high, gaining $6.2 billion from its $35.8 billion standpoint two weeks ago.<\/p>\n<p>The whooping $6.2 billion growth in roughly 14 days comes on the heels of renewed market activity as new liquidity gets pumped into the market. This can be seen in increasing activities of most protocols as altcoins continue to climb.<\/p>\n<p>Several analysts have pinned the growth in the market on the rise in the price of BTC although the major factors changing the tide for DeFi protocols are rising prices of related tokens and inflows from investors looking to earn rewards.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udca5 Digital assets under management have soared by 6.74% to $31.7 billion after a string of positive developments amid wider market uncertainties.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/BullMarket?src=hash&amp;ref_src=twsrc%5Etfw\">#BullMarket<\/a>https:\/\/t.co\/zFGezaY9IG<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1718034841751478308?ref_src=twsrc%5Etfw\">October 27, 2023<\/a><\/p>\n<\/blockquote>\n<h2>Defi transactions surges<\/h2>\n<p>\nData from DefiLlama show that DeFi transactions tapped a seven-month high with $4.4 billion recorded on Oct 24 as staking protocols continue to evolve.<\/p>\n<p>Solana\u2019s (SOL) biggest lending protocol, Marinade notched a 120% growth in TVL following a rollout of its native token which was spiked in recent days by renewed market activities.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc8\ud83d\udcb8 Bitcoin\u2019s Climb to $35,000 Fuels Surge in Crypto Trading Activity \u2013 Is the Bull Market Starting?<\/p>\n<p>The cryptocurrency market has found new momentum by a recent rally that propelled Bitcoin\u2019s value towards the $35,000 mark.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> \u2116cryptocurrencyhttps:\/\/t.co\/VB8NxT8cMP<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1718963618912325778?ref_src=twsrc%5Etfw\">October 30, 2023<\/a><\/p>\n<\/blockquote>\n<p>Jito, Marinade\u2019s competitor, saw the TVL on its platform soar by 190% to $168 million while similar products across other chains also recorded growth.<\/p>\n<p>This year, Solana has been described as an institutional investor favorite following its multiple weeks of inflows rising to new highs around trading activity.<\/p>\n<p>On the other hand, Ethereum (ETH) has struggled this year as institutional investors lack confidence in its products leading to massive outflows.<\/p>\n<p>However, the last two weeks have seen the largest altcoin surge in market prices and trading volumes. At press time, ETH trades at $1,782 an increase from $1,590 at the same time frame.<\/p>\n<p>Enzyme Finance, Spark, and Stafer also recorded mass inflows and growth ranging between 35% and 55%, below their Solana counterparts but a massive increase from previous weeks.\n<\/p>\n<h2>The wider market goes green<\/h2>\n<p>\nAvalanche and Lido saw massive inflows of 34% and 25% respectively alongside Sui which posted a TVL growth of 40 million taking it over the $70 million mark.<\/p>\n<p>Similar growth was recorded in the Aptos network as layer 1 networks also benefited from the market\u2019s new wave.<\/p>\n<p>Bitcoin currently trades at $34,511 recording a 27.77% growth in the last 30 days on the backs of a potential spot BTC ETF approval.<\/p>\n<p>While the Securities and Exchange Commission (SEC) has rejected every previous spot BTC ETF application, certain experts and wealth management firms believe that approval is imminent and could come next year.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/defi-market-soars-to-42-billion-rises-by-6-2-billion-in-just-two-weeks-is-the-bull-market-here-again.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe \/ iQoncept The digital asset market has recorded several wins this month with Bitcoin (BTC) hitting a 16-month high and surging activities around decentralized finance (DeFI) applications. According to data from DefiLlama, the total value locked (TVL) on DeFi protocols has soared to $42 billion, marking a three-month high, gaining $6.2 billion from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":78724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-78723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DeFi Market Soars to $42 Billion, Rises by $6.2 Billion in Just Two Weeks \u2013 Is The Bull Market Here Again? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Adobe \/ iQoncept The digital asset market has recorded several wins this month with Bitcoin (BTC) hitting a 16-month high and surging activities\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=78723\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DeFi Market Soars to $42 Billion, Rises by $6.2 Billion in Just Two Weeks \u2013 Is The Bull Market Here Again? 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