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DeFi: TVL at $11.2 billion marks new records
DeFi: TVL at $11.2 billion marks new records
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DeFi: TVL at $11.2 billion marks new records

By Federico Izzi - 1 Oct 2020

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The first day of October starts with a recovery, with the TVL of DeFi projects setting a new record

coin360 20201001
Source: COIN360.com

More than 80% of the main cryptocurrencies are in positive territory, attempting to put behind them a month of September that began with the worst decline since last March. 

XMR 20201001

Today, among the big names, it is Monero (XMR) that is leading the rise. With a leap of more than 10%, it consolidates the September gains, one of the few to end a shaky month in positive territory. The rise also drives the two other famous privacy coins behind it, the same intensity for ZCash (ZEC), while at a distance follows Dash rising just over 5%.  

REN stands out among the best of the day, with a jump of over 20%, recovering 27 cents, a level abandoned in mid-September. Celsius (CEL) Maker (MKR), Algorand (ALGO) and Waves follow, all rising more than 11%.

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DeFi: record for TVL and WBTC

The recovery in the value of most tokens pushes the total value locked (TVL) on the various DeFi projects over $11.2 billion – a new absolute record.

For the first time, the total of bitcoin tokenized on the WBTC protocol exceeds $1 billion. Today there are over 124 thousand BTC locked in ERC20 tokens for a value of $1.3 billion, or 0.5% of the total of over 18.5 million bitcoin mined to date. 

Uniswap is strengthened with over $2.2 billion locked in various assets. This is followed by Maker, Aave, Curve Finance and WBTC projects, all above $1 billion.

Volumes in contraction

In the last 24 hours, volumes have continued to contract, falling below $100 billion, the lowest level since the end of July. Trading on Bitcoin remained stable above $1.7 billion, while on Ethereum, with less than $500 million traded yesterday, it reached the lowest level since mid-July, both in terms of number of ETH and total value in dollars.

The total market cap is just under $350 billion, with the dominance of Bitcoin slightly down to 57.5%, while Ethereum remains close to 12%.

BTC 20201001
Bitcoin chart by Tradingview

Bitcoin (BTC)

In the last few hours, prices are back to attacking the 11,000 USD area, the highest in the last three weeks. The recovery of more than 7% from last week’s lows, returns confidence among traders in options that raise hedges from 10,200 and 10,700 and also increases the strength of Put options to almost equalize with Call options. 

The latter continue to highlight area 11,200 as the first real level of resistance to be broken down to consider the beginning of a new bullish phase.

ETH 20201001
Ethereum chart by Tradingview

Ethereum (ETH)

Despite the recovery of the prices in progress on Ethereum, which revised its $370 after more than 10 days, operators do not seem to have regained their bullish confidence. In fact, the upward hedges remain unchanged, with the first levels of resistance to be overcome at USD 375-390. 

Downwards, the 345 USD hedges are back in place to protect the 325 and 305 USD supports, the latter two crucial supports that must not be violated in order to maintain the uptrend unaltered since mid-March. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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