Investing.com – This week is so far seen as a rebound for the cryptocurrency market, with it back above $ 49,000, with many Top 100 cryptocurrencies posting double-digit increases out of the 7 last days, and for 24 hours for some.
In the Top 10, the two cryptocurrencies that stand out the most are undoubtedly and.
Terra, now the 9th largest cryptocurrency on the market, is up nearly 12% since yesterday, taking its week-long rise to nearly 60% after a new record high of $ 92.80 early this morning. The crypto Avalanche (AVAX), at the 10th position of the ranking, shows for its part a gain of 6.5% over 24 hours and nearly 40% over a week. Currently at $ 124, however, the cryptocurrency remains a good distance from its November 21 record of $ 146.
Bank of America (NYSE 🙂 posts a positive review on Avalanche (AVAX)
In addition to the general bullish sentiment in cryptos this week, AVAX is capitalizing on investor interest in a Bank of America analyst note which named Avalanche as a credible alternative to due to the “faster time to the finality (regulation) and lower costs than other blockchains “of this platform.
More generally, Avalanche has benefited in recent weeks from the accelerated adoption of its blockchain by developers and users, in particular in the decentralized finance (DeFi) space, as well as in the segments of non-fungible tokens (NFT) and games.
One of the key metrics investors are looking at when it comes to growth in the DeFi world is Total Locked-In Value (TVL). Avalanche is said to have overtaken other platforms such as and in terms of TVL, a sign of the platform’s growing popularity.
Terra becomes the second largest DeFi protocol behind ETH
Regarding Terra, and still regarding TVL, we learned yesterday that the decentralized payments network is now the second most important blockchain for decentralized finance protocols (DeFi) in terms of total blocked value (TVL ). Terra, which is behind Ethereum, edged out Binance Smart Chain (BSC) this week.
On Terra, 13 projects lock in more than $ 18.2 billion in value, according to data from the DeFiLlama analysis tool, compared to $ 16.5 billion for BSC. This is an increase of almost 42,000% compared to December 2020.
Ethereum retains the DeFi crown with $ 152 billion in value locked down on 361 protocols. DeFi projects rely on smart contracts instead of intermediaries for financial services like lending, trading, and borrowing.
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