Since the high of $ 18,476 on November 17, Bitcoin price has flirted with the $ 18,000 level as bulls fight to flip the level to support and chase the all-time high at $ 19,789.
While this battle is taking place and the majority of crypto and mainstream financial outlets target the price of Bitcoin, a number of less loved crypto assets are yielding generous returns for investors.
As evidenced by Messari’s DeFi asset index, many of the top tokens deliver hefty double-digit gains.
In the past 7 days, AAVE rebounded from its double bottom as high as 214% and is currently trading just above USD 80.
Day traders are likely to play the support / resistance controls within the bullish channel pattern. At the time of writing, the trading volume of AAVE, MACD and RSI still reflect a healthy amount of interest from bulls.
Even Curve Finance’s CRV governance token, described by many crypto investors as a complete laggard, saw a pure reversal of the double bottom, rising 176% to $ 0.84.
After nearly being shorted out by the likes of Sam Bankman-Fried and other savvy professional traders, the Yearn Finance (YFI) token is also making waves with a gain of 83.5% in the past week.
On Nov. 18, the YFI price was at the 50% Fibonacci retracement level ($ 25,500) and bulls tried to flip the level to support. This was achieved in the past few hours and the price slashed through a hole in the visible volume profile range (VPVR) to make a new daily high of $ 29,850.
Unsurprisingly, YFI clones love DFI. Money (YFII) and YF Link (YFL) also followed, each rising 58% and 49% respectively.
SushiSwap changes places with Uniswap
SushiSwap’s governance token (SUSHI) has also caught the attention of investors after it lost more than 95% of its value in September when Chef Nomi, the lead developer, has dumped about $ 13 million value of SUSHI in the open market.
As reported by Cointelegraph, this week marked the end of Uniswap’s liquidity pool rewards and rival exchanges such as SushiSwap, 1inch and Bancor have increased APY rewards on their listed assets to attract former Uniswap liquidity providers.
In fact, Uniswap saw a $ 1.3 billion dollar (57.5%) drop in total value this week locked in as users sought more fertile pastures on other DeFi platforms. When this happened, SushiSwap saw an increase of more than 300% and in the past week the token is up 127% to trade at $ 1.63.
Across the board, most DeFi tokens are currently in black and data from Digital Assets Data and DeFi Pulse shows an increase in daily active users, TVL across platforms, and daily transaction volumes.
Similar price action can also be seen with many altcoins, suggesting that as Bitcoin consolidates and tries to flip $ 18,000 to support, traders have once again embraced DeFi and altcoins.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move carries risks, you should do your own research when making a decision.