DEX volumes continue to surge even as Bitcoin and altcoins correct

Decentralized exchange volumes are on the rise as the pullback in the price of Bitcoin motivates some traders to book profits and rotate into altcoins.Decentralized finance (DeFi) started 2021 by taking the cryptocurrency sector by storm and helping to kick the bull market cycle into high gear as traders capitalized on ways to easily trade cryptocurrencies and earn high yields on their hodl stacks. 

DEX volume saw a substantial increase beginning April 18, the same day that Bitcoin experienced a 16% pullback in price from $60,900 to $50,500, and it has remained elevated since, indicating that traders may be rotating out of Bitcoin and into altcoins as the top cryptocurrency works its way through what traders hope will be a brief corrective phase.

With Bitcoin now fighting to regain the $50,000 support level and a majority of the altcoin market now at fire-sale prices following the downturn from recent highs, decentralized exchange activity may hint at an approaching altcoin season that has historically as Bitcoin searches for direction following a pullback from a new all-time high.

Reference :

https://cointelegraph.com/news/dex-volumes-continue-to-surge-even-as-bitcoin-and-altcoins-correct

Hits: 19

Author: Priyanka

Leave a Reply

Your email address will not be published. Required fields are marked *