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Ethereum, NFT, and DeFi. What tokens to pay attention to this week

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Ethereum NFT and Defi

Ethereum, NFT, and DeFi. What tokens to pay attention to this week

Over the past week, the largest altcoin in terms of capitalization has risen in price by 26.5%. Bitxmi experts explained why investors are interested in the digital coin and the protocols based on it.

Ethereum NFT and DeFi

Last week, Ethereum updated its historical maximum value at around $ 2.13 thousand. Over the past seven days, the cryptocurrency has risen in price by 26.5%. The largest altcoin by capitalization shows impressive growth rates. Bitxmi experts advise taking a closer look at Ethereum as the hype around celebrity NFT tokens continues to gain strength. This will maintain a keen interest in the Ethereum platform, and hence the activity of new investors in the market.

One of the most recent examples is Canadian singer The Weeknd. He put up for sale a previously unreleased song in the form of a non-fungible token. At the end of March, Russian mixed martial arts fighter and ex-UFC champion Khabib Nurmagomedov presented their own NFT tokens. He tied tokens to his own cards, which were issued in honor of the end of his career as a fighter.

March 2021 was a record year for the NFT market. For the month, the volume of token sales reached $ 200 million, which is more than in the entire 2020. However, in the first days of April, a decline in the market was recorded. NFT tokens, on average, have fallen in price by 67% compared to the February level.

Whole sector movement

Now the market around Ethereum is developing a classic situation when one project moves the entire sector, experts say. In this regard, it is worth paying attention to the main competitors of Ethereum, which offer functionality similar to the capabilities of the main altcoin in terms of capitalization, for example, the deployment of smart contracts, the development of decentralized applications, the launch of its own cryptocurrency, etc.

NEO, TRX, and EOS have traditionally been seen as competitors to Ethereum, so its rise is pushing the upside and price of these coins. Investors expect an increase in demand for blockchains focused on the creation of smart contracts. The market is in a good situation for buying an ATOM token, the value of which has recently dropped, experts add.

Popular tokens of Defi projects

Bitxmi experts claim that investors follow the most popular and successful Defi tokens of projects, for example, Uniswap and Compound.

Uniswap is a protocol and non-custodial cryptocurrency exchange that allows the exchange of Ethereum and ERC-20 tokens. Uniswap bundles token into smart contracts, creating liquidity pools. Platform members can exchange assets, create new trading pairs, and add tokens to pools to receive commissions.

Compound is a decentralized cryptocurrency market protocol that allows users to invest or borrow a variety of assets. Interest rates are set algorithmically based on current supply and demand.

Following Uniswap, experts predict 1inch growth as its developers introduced an update at the end of March that makes using the token more profitable than Uniswap by reducing transaction fees.

1inch is an aggregator for decentralized marketplaces that helps execute high volume orders. The protocol collects liquidity using smart contract technology, which allows a single transaction to be split across multiple exchanges.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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