Bitcoin

Celer (CELR), Cartesi (CTSI) and Compound (COMP) rally as DeFi heats up


Bitcoin bulls are still struggling to push the price to a new high but the positive sign is that BTC has not corrected sharply in the past few days and the top-ranked cryptocurrency has held a market capitalization above $1 trillion since March 26. 

While many are wondering what Bitcoin’s next move will be, a Bloomberg Intelligence report by senior commodity strategist Mike McGlone projects that BTC will rally to $80,000 in the second quarter rather than slump to the $40,000 level.

Crypto market data daily view. Source: Coin360

Bitcoin’s consolidation has not held back altcoins, which have continued their march higher over the past few weeks. Cointelegraph recently reported that the number of cryptocurrencies commanding a $1 billion market capitalization has doubled in the past two months to hit the 100 mark.

Decentralized finance assets have also rallied significantly as the total value locked in DeFi reached $100 billion on April 6 according to data from DeFi Llama. At the start of the year, the TVL metric was only $20.74 billion, which shows there has been a massive amount of growth in the space.

Keeping the focus on altcoins, let’s analyze the fundamentals of three tokens that have done well in the past few days.