The price of the digital currency Bitcoin (BTC) has remarkably rebounded recently, with the largest and most famous currency in the world recording an all-time high of $67 thousand, which benefited directly from the decentralized finance sector.
According to a Coin Telegraph report, the Total Locked Value (TVL) across all decentralized finance protocols rose to a new record high in conjunction with the remarkable rise of the cryptocurrency, as sentiment witnessed Rising bullishly across the cryptocurrency market yesterday with Bitcoin jumps.
Investors are watching closely to see how altcoins and DFCs interact with price action.
According to data from Devi Lama, which collects data from decentralized finance protocols across all major blockchain networks, including Binance Smart Chain (BSC) and Avalanche (AVAX) With encapsulated Bitcoin (WBTC), there is now over $233.88 billion worth of value locked into protocols across various blockchain networks.
Currently, Eve leads with $18.79 billion, and Curve is in second place with $17.97 billion.
As a result of the bitcoin price rally, WBTC is now ranked fourth in terms of total closed value of $14.51 billion spread across the decentralized finance landscape.
The biggest gainers by total closed value over the past seven days were Trader Go, up 57.2%, and Rary Capital, up 50,57%. Yild Yak also rose by 36.52%.
In addition to rising token values, the decentralized finance ecosystem has also seen a sharp increase in the influx of new users and data without Analytics shows that nearly 3.6 million unique wallets have now interacted With at least one decentralized financing protocol.
Despite the influx of new users, trading volumes across Decentralized Exchanges (DEX) have remained below the highs set in May and are currently below the activity seen In recent months, too.
One possible explanation for this has been the increased focus on bitcoin over the past couple of months as there has been speculation about when the bitcoin exchange-traded fund (ETF) will pass and if Bitcoin price will exceed $100,000 by the end of 2021.
