According to the performance graph for DeFiChain (DFI), it has managed to demonstrate high performance in the past 2 weeks. The data shows that in the past couple of weeks, DFI has managed to improve its price from the low figure. The data suggests that so far, the fundamentals are in favor of DFI that will help it grow and improve its price in the upcoming days.
It was on December 4, 2021, when the majority of the cryptocurrencies experienced a downtrend due to the price correction. Among all the cryptocurrencies was the largest cryptocurrency “Bitcoin” which experienced the worst plunge. Its price ended up facing a 22% downtrend in terms of its price.
While most of the cryptocurrencies were facing a downtrend on December 4, 2021, DFI was experiencing an uptrend. The data from TradingView shows that the price of DFI continued growing higher, demonstrating a 76% rally.
The data shows that as of December 6, 2021, the price of DFI had hit an all-time high of $5.70 per DFI. DFI even experienced a surge in its trading volume in a matter of 24-hours. According to data, the trading volume for DFI surged from an average figure of $3.6 million all the way up to an average of $24.3 million.
From the analysts’ and market observers’ point of view, there are three major factors that have helped in surging the price of DFI by 76%.
The first reason leading towards the rally for DFI is the recent addition of assets belonging to the decentralized sector. The DFI network now has decentralized assets through its platform. Furthermore, the DFI network is also offering staking services for the holders of DFI on the protocol.
The DFI platform is also involved in offering several services to the users. The platform offers services such as access to cryptocurrencies with large valuations. These cryptocurrencies include Ethereum (ETH) and Bitcoin (BTC). Then there are indices and stocks that DFI is offering, which includes S&P 500 (SPY) and stocks for Apple and Tesla.
The second major factor is the by-product of the first reason that has helped increase the trading volume on the DFI network. The launch of the new assets has led to the increase of the trading volume on the particular network. The newly added assets include arbitrage trading, liquidity mining, and the ability to create new assets. The newly launched features have helped bring more users to the protocol. As a result, the total number of active wallets has surged up to 42,555 as recorded on the 8th of December.
As a result of the newly-launched assets and services, the total value locked on the DeFiChain protocol has increased. The data from CoinMarketCap shows that DFI’s TVL has hit the $1.83 billion figure, which is the all-time high hit by DFI so far.