Bitcoin may have had a significant price rally towards it ATH in November, but DeFi tokens took the top spot in terms of gains
The leading cryptocurrency had quite a month in November making remarkable progress towards its previous all-time high. Bitcoin surpassed its previous high as the month came to an end and has since been hovering around $ 19,000. However, Bitcoin’s gain doesn’t come close to what DeFi tokens recorded in the same period.
Several tokens resurged in November and outperformed Bitcoin by posting greater upswings. Bitcoin’s price soared from $ 13,800 at the beginning of the month to about $ 19,100 by month-end, translating to a 39% jump.
Twitter user ‘Ceteris Paribus’ used the Messari’s DeFi index to explore the gains of different tokens. The user wrote, “Returns from Nov 1, ~ DeFi bottom. $ BTC, $ ETH, $ DeFi,”.
Based on the results of the analysis, Bitcoin’s massive climb was eclipsed by 18 DeFi tokens.
Ethereum is one of the notable tokens whose gain of almost 53% outperform Bitcoin’s. Having benefitted from Uniswap’s liquidity leak, SushiSwap skyrocketed 301%, making it the top-performing token in November. It is followed distantly by Aave at 200% thanks to its newly rebalanced governance token. Third place is occupied by Yearn Finance that had an impressive 160% gain in the same period.
Three more tokens i.e. THORChain, Hegic and bZx, complete the list of three-figure gainers. Other notable tokens ahead of Bitcoin include Powerpool (95.7%), Cream (76.2%), Curve (76.1%), Uniswap (55.9%), and Compound (46. 5%).
However, there are other big-name tokens on the other end of the axis that didn’t outperform Bitcoin. These include Maker, Balancer, Kyber, and Chainlink.
It is important to note that although many DeFi tokens had greater gains than Bitcoin, the majority of them are still far from their all-time highs. Bitcoin, on the other hand, is only less than 5% shy of its record high price.
Following these gains, the total value locked across all DeFi projects has climbed to $ 14.77 billion as of writing. This figure represents a 30% increase since the beginning of last month and over 2,000% since the start of 2020.