Gnosis, Balancer and PancakeSwap Escape As Bitcoin Seeks Direction

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Ether (ETH) continued its stellar run and broke the $ 3,500 mark today. Dogecoin (DOGE) also joined in the fun as its price climbed above $ 0.61 earlier today as Gemini traded additional support for the coin following a similar milestone. by eToro.

Traders can buy DOGE in the hopes that Elon Musk dumps the token when he next appears as the host of Saturday Night Live.

While the rise of DOGE is tempting, traders should be careful with their bets because unless some popular people jawboning them, the fundamentals of the coin seem fragile.

Daily view of Crypto market data. Source: Room360

Although altcoins have a day in the field, Glassnode recently pointed out that Bitcoin’s (BTC) Stablecoin supply ratio plunged to a 2021 low at 13.4. The SSR is calculated by dividing the supply of Bitcoin by the supply of stablecoins and its all-time low is 9.6. Glassnode said the low value of SSR was a bullish sign, as it showed greater availability of crypto-native capital that could flow into Bitcoin and other crypto-assets.

In the altcoin season, the decentralized financial space has been in the spotlight. Let’s take a look at the fundamentals and techniques of three DeFi-related tokens that have worked well in recent days.