DeFi Boom May Be “Kindling” For “Bitcoin Pump” That Nukes Altcoins: Analyst

As Bitcoin has consolidated between $11,000 and $12,000 over the past month, altcoins have surged. Many top altcoins have gained dozens of percent, resulting in a drop in the DeFi dominance. The gains have been centralized in DeFi-centric altcoins, which have easily outperformed BTC. Decentralized finance, as DeFi is also known, has become the industry’s latest trend as capital has flooded into this space en-masse. There are some that say DeFi is taking away Bitcoin’s ability to rally. But according to one trader, there’s a good opportunity that growth in decentralized finance will fuel a massive “Bitcoin pump.” Bitcoin Pump Could Be Fueled by DeFi Not following Bitcoin, decentralized finance coins have seen extremely strong rallies over recent weeks, generating billions of dollars worth of crypto market value. The most evident example of this is Yearn.finance, which has surged from literally $3 from its July launch to $35,000 as of…

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