Most of the crypto enthusiasts and the crypto geeks know very well what happened to the whole market in recent times. In fact, most everyone is aware of the tragic downfall of the entire market. Despite such suffering times, two vitals of the crypto-based blockchain industry managed to drag the sunken crypto industry and set its sails to make the ship soar over the tides! These are none other than the Decentralized Finance (DeFi) and the non-fungible tokens (NFT).
Present Condition of the Crypto Industry
It’s evident that the crypto industry is on its brim of emerging back into action for the past two days. Despite the downfall of Bitcoin (BTC) earlier this week to below $30,000, it impacted the entire industry.
At present, BTC trades at $34,029 and the topper of the altcoins, the Ethereum (ETH) at $2,171. All sought a significant increase, turning the entire market graphs upwards.
Furthermore, this upsurge of the entire market took place as a result of the B-Word conference which took place a few days ago. This virtual conference consisted of prominent vital personalities who all possessed the power of turning the market all the way round upon their single tweet or comment.
In spite of this, the virtual conference had the CEO of Twitter and Square Inc, Jack Dorsey along with the CEO of Tesla and SpaceX, Elon Musk, and the Chief investment officer of Ark Investments, Cathie Wood.
On the other hand, as soon as the conference started, the prices of BTC and ETH all started rising, starting the epic rise after desperate recent times.
Also, the impact was upon the entire crypto market, as most altcoins started to seek a prominent rise.
The Role of NFT and DeFi
Upon the hard times faced by the crypto industry, the blockchain technologies’ two most aspiring attributes came to the rescue. The NFT and the DeFi both have played and for sure will play a prominent role in the crypto industry.
Despite the market downfall, NFT and DeFi both made sure that the entire market didn’t collapse and thus maintained the trade in the industry. Whether the market would have survived without these two is a big question mark!
The NFT market sure saw a phosphorus half of this year, few speculating NFTs played better than the cryptocurrencies. This owes to a market value of $2.5 billion for the first half of 2021.
The prominent NFT players in recent times spiking up the NFT market are platforms like Axie Infinity and OpenSea.
On the other hand, the DeFi market is no less than the NFT, performing rather extravagantly.
Many established DeFi platforms like THORchain sought an increase of 11.54%, SushiSwap to about 9.95%, and Aave to 11.86% on an average for every 24 hours.
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