The amount of ether, the world's second-largest cryptocurrency by market capitalization, locked in the decentralized financial system (DeFi) continues to grow.
A month ago, one in 45 ether were locked in DeFi. That number has improved to one in 40, according to @defipulse. Further, the number of ether locked in DeFi has jumped to a record high of $2.7 million.
Defi crowds out middlemen like banks to facilitate lending and borrowing of cryptocurrencies with the help of decentralized blockchain networks.
A majority of the DeFi market is built on ethereum's blockchain. As such, ether is increasingly being used as collateral.
The cryptocurrency, however, remains at the mercy of bitcoin, the top cryptocurrency by market value. Ether's price dropped to $131.00 on Monday to print the lowest level since March, as bitcoin tanked to six-month lows near $6,500.
Put simply, ether's price is not taking cues from the positive developments on the fundamental front.
That said, many experts believe DeFi will eventually replace traditional technologies of the current financial system, with open source protocols and ether will decouple from bitcoin.
Also, "defiers" remained bullish during the recent price drop. The cryptocurrency dropped by 8 percent on Nov. 22. On that day, more than 80 percent of the collateral was supplied in ether. |
 
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Bitcoin Eyes Stronger Recovery Rally
BTC: Price: $7,250 | Market cap: $131 Billion | 24-Hr Volume: $19 Billion
Trend: Bullish above $7,380 Bitcoin has risen from $6,900 to $7,250 in the last few hours despite the theft at the leading South Korean exchange Upbit, validating the seller exhaustion signaled by key technical indicators earlier this week.
Further, the cryptocurrency's three-day chart is now reporting a hammer candle, a warning of an impending bull reversal. Traders usually wait for confirmation in the form of strong follow-through, preferably a convincing move above the high of the hammer candle.
That means a break above $7,380 (hammer's high) is needed to confirm a bullish reversal and possibly lead to a stronger recovery rally to $8,000.
Note that a move above $7,380 will also activate twin bullish cues on the 4-hour chart: an upside break of the descending trendline and an inverse head-and-shoulders breakout on the line chart. Long-term trend: Neutral
Bitcoin has found acceptance below the 50-week MA, which is a cause for concern for the bulls. In the past, the cryptocurrency has suffered deeper losses after falling below the key average.
Even so, the outlook remains neutral, as reward halving, a historically price-bullish event, is due in May 2020. With BTC looking oversold on the daily chart, the probability of a notable recovery rally ahead of May 2020 cannot be ruled out.
That said, the outlook as per the weekly chart would turn bullish if and when prices break higher from the five month long bearish channel. Read Analysis
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Enigma Boosting on Testnet Release in December ENG: Price: $0.45 | MCAP: $34.1 million | 24-Hr Volume: $1.94 million
Short-term trend: Neutral ENG is up 11.36 percent over a 24-hour period, alongside questionable buyer volume, witnessed yesterday (Nov. 26) with a period of exhaustion setting in likely due to overbought conditions on the daily RSI.
The rise over a an 7-day period is likely spurred on via speculation from the open community call, delivering an announcement over its testnet, set to go live sometime in December.
Enigma acts as a second layer on top of existing blockchains, allowing for computationally intensive or private tasks to be transferred off-chain.
Technically speaking, repeated closures above the 200-day moving average bodes well for the nascent ERC-20 token, with the potential for continuation should prices continue to consolidate the current higher low candle.
Keep an eye on $0.48 as the barrier for a greater rise in value, whereby a close above that level could open doors to $0.55 Long-term trend: Bullish
As mentioned above, repeated closures above the 200-day moving average is generally a sign that price action has flipped bullish in the long-term, so long as it remains above $0.41, with the option to backtest that line and bounce higher for a continuation in its price.
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| | | Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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