NFT and DeFi tokens lead the crypto rally

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Bitcoin and Ether are trading, although they are outperformed by Axie Infinity and Flow, because … [+] as well as the premier DeFi tokens Aave and SushiSwap.

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The crypto market rallies for the second day in a row, recouping losses from Monday’s sell-off that saw bitcoin drop below $ 30,000.

Currently, bitcoin is changing hands at $ 31,940, according to Bitstamp. Ether is trading 4.22% at $ 1,983.

Bitcoin and Ether Price

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The move was sparked by an overnight increase in Asian trading desks, according to the Kraken cryptocurrency exchange. Their analysts also note that market-wide trading volume recently surpassed the 20-day moving average, a sign of increasing activity in the space, hitting an almost 2-week high at $ 118 billion.

The climb began earlier yesterday as anticipation grew for a virtual conference that would feature Elon Musk, CEO of Tesla TSLA and SpaceX, Cathie Wood, CEO and CIO of ARK Invest, and Jack Dorsey, leader. Twitter and Square SQ, among other investors. As soon as their panel started at 2 p.m. ET, bitcoin hit an intraday high of $ 32,847 and Ether broke through the psychological $ 2,000 mark after spending nearly a week below the threshold.

The spike was short-lived, however, as the coins lost momentum, during the session and immediately after, picking up later in the evening and during Asian trading hours.

Altcoins show even bigger payouts. NFT players Axie Infinity, a blockchain-based game focused on virtual pets, and Flow, a platform supporting NBA Top Shot and CryptoKitties, return 26.96% and 19.74% in recent 24 hours, according to Messari. Last week, Axie Infinity raked in more protocol revenue, $ 35.8 million, than Ethereum and Bitcoin. The popular NFT OpenSea marketplace reached a valuation of $ 1.5 billion on Tuesday after a $ 100 million Series B round of funding led by Andreessen Horowitz (a16z).

DeFi tokens also outperform heavyweights. THORChain, SushiSwap and Aave are respectively up 11.54%, 9.95% and 11.86% on the day. This week, the world’s largest crypto asset manager, Grayscale Investments, unveiled its new fund, giving institutional investors index exposure to the burgeoning decentralized finance sector through a basket of ten DeFi tokens, including Aave and SushiSwap.

NFT and DeFi are currently the best performing sectors in the market

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