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DeFi Tokens dominated in November, despite BTC reaching its ATH

Cryptocurrency

Bitcoin may have seen a significant increase in the price of ATH in November, but DeFi tokens ranked first in terms of earnings

The leading cryptocurrency had a good month in November, making notable progress towards its previous record. Bitcoin surpassed its previous record when the month ended and has since been hovering around $ 19,000. However, Bitcoin’s gain does not come close to the DeFi tokens registered in the same period.

Several tokens resurfaced in November and outpaced Bitcoin by posting larger increases. Bitcoin’s price soared from $ 13,800 at the beginning of the month to around $ 19,100 at the end of the month, translating to a 39% jump.

Twitter user ‘Ceteris Paribus’ used Messari’s DeFi index to explore earnings from different tokens. User wrote: “Returns from November 1st, ~ DeFi bottom. $ BTC, $ ETH, $ DeFi, ”.

Based on the results of the analysis, the massive escalation of Bitcoin was eclipsed by 18 DeFi tokens.

Ethereum is one of the notable tokens whose gain of almost 53% exceeds that of Bitcoin. Having benefited from Uniswap’s liquidity leak, SushiSwap shot up 301%, becoming the best performing token in November. It is followed by Aave by 200%, thanks to its newly rebalanced governance token. The third place is occupied by Yearn Finance, which had an impressive gain of 160% in the same period.

Three more tokens, namely THORChain, Hegic and bZx, complete the list of three-digit winners. 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 have not outperformed Bitcoin. This includes Maker, Balancer, Kyber and Chainlink.

It is important to note that, while many DeFi tokens had higher earnings than Bitcoin, most of them are still far from their highest records. Bitcoin, on the other hand, is just less than 5% shy of its record price.

After these gains, the total amount blocked on all DeFi projects rose to $ 14.77 billion at the time of writing. This figure represents an increase of 30% since the beginning of last month and more than 2,000% since the beginning of 2020.

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