With Bitcoin (BTC) surging to a new all-time high of $67,000 on Oct. 20, the cryptocurrency market is abuzz with bullish enthusiasm. Investors are keeping a careful eye on the market’s other cryptocurrencies and DeFi tokens to see how they respond to the increase in BTC. The DeFi market has profited from BTC’s bullish breakout as well, and the total value locked (TVL) across all DeFi protocols reached a new record-high.
DeFi Llama, which gathers data from DeFi protocols across all major blockchain networks, including Binance Smart Chain (BSC), Avalanche (AVAX), and wrapped Bitcoin (WBTC), estimates that there is currently over $233.88 billion in assets locked in protocols throughout the different blockchain networks. AAVE now holds the lead with a market cap of $18.79 billion, followed by Curve, which has $17.97 billion in value locked up.
As a consequence of Bitcoin’s rising price, WBTC has moved up to fourth place in terms of TVL, deploying $14.51 billion worth of value throughout the DeFi landscape. According to Dune Analytics, 3,591,876 unique wallets have now interacted with at least one DeFi protocol, along with an increase in new user intake in the DeFi ecosystem.
One factor might be the increasing interest in Bitcoin (BTC) in recent months due to speculation over when a Bitcoin exchange-traded fund (ETF) will be implemented and whether or not the BTC price would reach $100,000 before the end of 2021.
