The market value share of the DeFi sector has dropped to a three-year low
The dominance of DeFi (measured by the percentage of DeFi market value in the global cryptocurrency market) has dropped to a three-year low. After experiencing a full-market sell-off last week and subsequent relief rebound, this DeFi index fell from 3.82% on Monday last week to a low point of 2.84% on Friday, marking the lowest level of DeFi dominance since early January 2021. Since September 2022 when the DeFi dominance was about 4.8%, this figure has gradually shown a downward trend with occasional slight rebounds. By early 2024, this indicator had dropped to 4.47%. In 2024, sectors such as Meme coins performed better than the market, and the launch of Bitcoin and Ethereum spot ETFs also attracted institutional interest in these assets. Therefore, most DeFi tokens are in an uncertain state, leading to a decrease in DeFi dominance by 29% so far this year; market participants are not very interested in the performance of most Defi tokens.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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