Crypto analyst Mike Ermolaev selects the top 5 DeFi altcoin projects that have performed well over the past week despite the general weakness in the crypto market and predicts that they will continue to perform well throughout February. We, as Kriptokoin.com, took a look at the altcoins chosen by the analyst for our readers.
An overview of the crypto market in general
According to the analyst, although Bitcoin has flirted with gains and reclaimed some losses, it later declined and failed to find momentum for continued recovery. Many people are wondering where Bitcoin is heading, which is 47% off its all-time high.
The analyst states that the recent weakness is due to a number of factors, including uncertainty regarding crypto regulations and the Federal Reserve tightening its monetary policy. He also notes the shift of cryptocurrencies towards traditional risk asset classes and their close relationship with stocks. Additionally, he says that the bearish market scenario is unlikely and will occur if the $30-31k support line is broken and held.
Over the last 21 months, the Fed’s printing money has provided a relatively low interest rate environment, making borrowing relatively easy and cheap. Partly for this reason, capital has flocked to riskier assets like cryptocurrencies and stocks. The analyst says this also explains why these asset classes were generating such extreme returns before they went into the red.
Top 5 DeFi altcoin projects selected by analyst
IDEX (IDEX)
Idex is the best performing DeFi altcoin project currently trading at $0.23 with a market cap of $146.06 million. It has gained 98.36% in the last seven days. IDEX, a hybrid liquidity exchange, combines off-chain trading with on-chain trading agreement. By combining traditional order book features with the security and liquidity of an AMM, it gets the best of both worlds. Using smart contracts, the platform decentralizes custody and payment by limiting the movement of funds until a transaction is completed.
Telos (TLOS)
Telos has gained 77% over the past seven days, making it the second best performing DeFi altcoin. It is currently trading at $1.01, 21% below the all-time high set on February 2, 2022. TLOS current market cap is $274.03 million.
Telos-based tokens, NFTs, and smart contracts are widely used in DeFi, gaming, and social media. Currently, over 100 decentralized applications (dApps) are distinguished by the speed and scalability of Telos networks offering attractive on-chain services (voting, responsiveness, decentralized storage, location and more), as well as the fastest network speed (0.5s block time). ) is used. Telos’ upcoming Ethereum Virtual Machine will be the most efficient and cheapest EVM, making Telos the only Blockchain that supports both EVM and EOSIO. Together, these two technologies make up most of the best decentralized apps on popular dApp monitoring websites.
Tezos (XTZ)
Tezos is a Blockchain-based network that uses smart contracts similar to Ethereum. However, Tezos aims to offer an infrastructure that can grow and develop over time without encountering a hard fork. This has always been an issue for both Bitcoin and Ethereum. By keeping XTZ, users can vote on Tezos’ protocol upgrade proposals. Tezos price is currently at $3.76, making it the third highest weekly earner (30.74%) with a market cap of $3.29 billion.
Maker (MKR)
Powered by the Ethereum Blockchain, Maker (MKR) is the governance token of MakerDAO and Maker Protocol (a decentralized organization and a social network) and allows users to issue and manage the DAI stablecoin. DAI is a community-run decentralized cryptocurrency with a fixed value pegged to the US dollar. Currently trading at $2,263.91, MKR gained 28.8% last week and has a market cap of $2.19 billion.
Beefy Finance (BIFI)
Beefy Finance is a decentralized, multi-chain (Yield Optimizer) Yield Optimizer that allows users to earn compound interest on cryptocurrency holdings. DeFi has developed a set of investment strategies secured by smart contracts that increase user rewards for various liquidity pools, automated market-building projects, and farming opportunities available in the DeFi ecosystem. With a market capitalization of $156.95 million, BIFI rose 18.74 percent to $2,179.90 for the past seven days.
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