Investor Ethereum DeFi Could Pump as Investors Dump “Ghost-Town” Coins

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Decentralized finance has been branded as one of Ethereum’s — and crypto’s — killer use cases over recent months. But from a dollar perspective, this market segment has not seen as much market penetration as its proponents would believe is “fair.”Yet while DeFi continues to gain steam as other blockchains seemingly stall, Ethereum and its coins stand to benefit greatly, an analyst has said. Referencing the discrepancy between the value of DeFi applications and “billion dollar ghost-town” blockchains, the head of DTC Capital Spencer Noon wrote:This comment was made in reference to the growing sentiment that DeFi applications will grow exponentially while other blockchains may stall (relatively speaking) due to infrastructure issues. Importantly, this may be a long-term investment thesis. DappRadar indicates that there are only a few hundred active users for DeFi applications like Uniswap, INDEX, Synthetix, and Aave. Noon’s thesis seems to be playing out already. Over the past month alone, Maker (MKR) has exploded higher by 120 percent. MKR is the native cryptocurrency of the MakerDAO decentralized finance app, which is widely deemed one of Ethereum’s flagship applications. MKR’s strong performance, which has allowed it to outpace Bitcoin, Ethereum, and the altcoins Noon mentioned, comes on the back of a number of positive trends. The cryptocurrency was listed on Coinbase, demand for MakerDAO services has spiked, and there has been an overall increase in DeFi applications. DeFi investor also noted that “DeFi as a sector has significantly outperformed the broader crypto market” since the start of the year. With DeFi coins strongly rallying over recent weeks, Bitcoin could outperform. Kelvin “Spartan Black” Koh, a partner at The Spartan Group and a former Goldman Sachs partner, remarked:This comment was made in reference to the concept that once altcoins become oversold, smart investors dump their digital assets for Bitcoin, which is relatively stable compared to altcoins.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/06/13/ethereum-defi-could-pump-investors-dump-ghost-towns/

#defi #miningprofitability #bitcoincurrentvalue #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange

Investor Ethereum DeFi Could Pump as Investors Dump “Ghost-Town” Coins: https://www.youtube.com/watch?v=Xf1RlZIvwgI
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