CoinMetrics: 93% of Cryptocurrencies Showed a Decline in September
Despite the continuing boom in the Decentralized Finance (DeFi) industry, September was not very successful for cryptocurrencies – 93% of the 250 largest coins showed a decline.
In another issue of the State of the Network report, CoinMetrics experts reported that 72% of the 250 largest crypto coins fell in price over the week. And if we count for the whole September, then 93% of coins were minus. Investors of tokens of decentralized sites also remained at a loss. For example, bZx fell by 85%, Curve – by 78%, Swerve – by 76%, and Aave – by 29%.
However, analysts emphasize that we are likely to see only a slight pullback, and in the near future the “bullish” trend will resume. This has already happened many times in the cryptocurrencies market. DeFiWorld analysts also write about it:
Market movements are determined by bubbles and four-year cycles. While everyone is thinking about what is happening in the market today, yesterday or in a month, you just need to abstract and look at long-term charts. And the trend is obvious: the market is going up.
Researchers also note the increasing capitalization of the stablecoin market, which is approaching the level of $ 20 billion. Interestingly, recently significant growth has been shown by the USDC stablecoin – the rate of increase in the capitalization of this coin exceeds the growth of USDT.
Another fact in favor of continued growth in the cryptocurrency market is that the volume of BTC coins, which lie on the wallets without movement for more than a year, reached a new record of 63.5%.
According to co-founder of NEO Da Hongfei, the popularity of DeFi projects will only grow and now we are only at the beginning of the industry boom.