DeFi revival pushes Celo, Venus (XVS) and Fantom (FTM) price higher

Wednesday 27 January 2021, 6:07 AM AEST - 1 month ago

A new report by CoinShares suggests Bitcoin (BTC) has garnered 97% of the total crypto inflows in 2021.

The recent correction in Bitcoin price does not seem to have deterred crypto investors as CoinShares data shows a record $1.3 billion in crypto product inflows over the past week. This suggests that investors are accumulating on the dips rather than attempting to chase higher prices.

ff9df9fb-b52a-4afd-bdf8-201b94c23581.pngCrypto market data daily view. Source: Coin360

Another space that has taken giant strides in the past few months has been the decentralized finance sector. While bond yields across the world are reeling near-zero levels, the attractive yield farming opportunities in DeFi and flash loans have attracted investors, boosting the total value locked to $26.1 billion on Jan. 25.

Unless the markets are gripped in panic, there are always certain sections that are in a bull phase. The tokens selected today have also outperformed the broader market in the short term.

Lets investigate some of the fundamental reasons behind their bullish moves and pinpoint the critical levels to watch out for.

CELO/USD

Transferring money seamlessly across borders without having to pay high fees is a necessity in todays world and Celo (CELO) aims to ease this process. The project is gradually gaining adoption as there is now $30 million worth of cUSD in circulation.

After the success of cUSD, the platform plans to launch a new stablecoin that is pegged to the euro in the next two months. Similar to its cUSD, the euro stablecoin will use a basket of crypto assets to keep the price closely pegged to the underlying asset.

Celos partnership with KardiaChain, Kadena, and Paychant opens several new opportunities for its users. The community also cheered Celos listing on Binance exchange on Jan. 5 and the altcoin broke out strongly ...

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