- The total value locked on DeFi protocols reached a three-year high of $118.4 billion.
- Native tokens from several decentralized finance protocols have seen increases above 50% in November.
With investors’ optimism rekindled by the US election and expectations of clearer regulations around digital assets, native tokens from several decentralized finance protocols have seen increases above 50% in November.
The charts are returning to levels last seen in 2021 thanks to November’s advances. The total value locked on DeFi protocols reached a three-year high of $118.4 billion on November 25th, according to DefiLlama.
Optimistic Market Sentiment
After Donald Trump’s reelection in early November, the price of DeFi tokens began to rise in tandem with the rest of the cryptocurrency market. The link between the prices of altcoins and Bitcoin, on the other hand, has been decreasing recently.
Analysts report that between November 18 and 22, Bitcoin’s market cap dominance retreated to around 60%, paving the way for altcoin diversification strategies. According to analysts, the move toward altcoins is due to Gary Gensler’s impending retirement as the chair of the Securities and Exchange Commission, which was revealed on November 21.
As investors cash out their long-term holdings, the price of Bitcoin remains stuck at 96,000 on November 25th, failing to surpass the $100,000 threshold. Investments into cryptocurrency exchange-traded funds (ETFs) throughout the world hit a new high of $3.1 billion for the week ending November 22, demonstrating that cryptocurrencies significantly outperformed more conventional assets.
Once again, MicroStrategy’s Bitcoin holdings have soared. After announcing the acquisition of 55,500 BTC for $5.4 billion, the company’s total Bitcoin holdings hit 386,700.
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