We are leaving behind a month that went down in history in every sense. The rise in Ethereum prices on the last day of the month gives life to DeFi and other altcoins.
Ethereum price surge is giving life to DeFi and altcoins!
Bitcoin closed May by experiencing the highest monthly price drop in history. Similarly, crypto money markets experienced the highest monthly depreciation. We see May 2021, which went down in history in every sense, in the graphic below.
In the chart above, we see the monthly change in the total cryptocurrency market value. The value of the red candle in the last month is about 1 trillion dollars. At the time of writing, the total market value is around $1.58 trillion. The tpolam market closed May 2020 at just $0.270 trillion ($270 billion).
Despite the improvement, the market is 6 times larger than the same month of the previous year.
Cryptocurrency markets, which have experienced the highest correction in history, are in quite good shape compared to 2020. In the last days of May 2021, we see a rebound in altcoins. The vitality in Ethereum, Ripple and DeFi tokens is remarkable.
Ethereum rallied over $2,600 with over 6% appreciation. This vitality in Ethereum is also reflected in DeFi (Decentralized Finance) platforms. DeFi’s started to exit again after seeing the bottom in May.
In the chart below, we see the change in the total amount of funds held on DeFi platforms. DeFi broke the all-time record by reaching a deposit size of $ 90 billion on May 12. DeFi, which declined to $ 50 billion on May 24 with the effect of the correction in the market, entered an upward trend again. At the time of writing, DeFi’s total deposit size is around $ 65 billion.
In the table below, we see the current performance of the top 5 DeFi tokens.
Aave, Maker, Compound, Polygon and Uniswap, which are in the Top 5, are experiencing a 6% or more value increase.