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NFT And DeFi Tokens Are Driving The Crypto Rally


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The movement was prompted by an overnight surge out of Asia’s trading desks, according to cryptocurrency exchange Kraken. Their analysts also note that the market-wide trading volume has recently surpassed the 20-day moving average, a sign of growing activity in the space, hitting a near 2-week high of $118 billion.

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The climb began earlier yesterday as anticipation grew for a virtual conference that would feature Tesla TSLA -0.8% and SpaceX CEO Elon Musk, Cathie Wood, CEO and chief investment officer of ARK Invest, and Jack Dorsey, leader of Twitter and Square SQ +4.4%, among other investors. As soon as their panel started at 2 p.m. ET, bitcoin set an intraday high of $32,847 and ether crossed the psychological $2,000 mark after spending almost a week below the threshold. 

The spike was short-lived, however, as the coins lost momentum, during the session and in the immediate aftermath, picking up later in the evening and Asian trading hours.

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Altcoins are posting even larger gains. NFT players Axie Infinity, a blockchain-based game centered around virtual pets, and Flow, a platform supporting NBA Top Shot and CryptoKitties, are returning 26.96% and 19.74% in the past 24 hours, according to Messari. Last week, Axie Infinity raked in more revenue, $35.8 million, than the ethereum and bitcoin protocols. On Tuesday, popular NFT marketplace OpenSea reached a $1.5 billion valuation after a $100 million Series B funding round led by Andreessen Horowitz (a16z).

DeFi tokens are also outperforming the heavy lifters. THORChain, SushiSwap and Aave are up by 11.54%, 9.95% and 11.86% on the day respectively. This week, the world’s largest crypto asset manager, Grayscale Investments, unveiled its new fund, offering institutional investors index exposure to the booming sector of decentralized finance through a basket of ten DeFi tokens, including Aave and SushiSwap. 

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