While the bulk of the crypto market has seen prices slump over the past week after an initial pre-Christmas rally, decentralized finance ( ) coins have defied the downtrend.
Leading the pack is SUSHI, the token of the decentralized exchange () . At the time of writing, it’s sitting at $9.68, up 52% over the past seven days—though that includes a 1% slip over the past 24 hours.
It’s closely followed by FTM, the token of DeFi protocol Fantom, which is currently priced at $2.19—up 36.5% over the past seven days.
Also putting in strong performances over the last week are AAVE (up 23% to $255.39), OSMO, the token of-based DEX Osmosis (up 13.5% to $5.95) and Uniswap’s UNI (up 8.8% to $17.64).
Crypto’s holiday rally stalls
The DeFi surge comes as the wider crypto market pulled back following a mini rally leading into Christmas, when Bitcoin returned to the $50,000 mark. Over the Christmas weekend, the total market capitalization of all cryptocurrencies spiked to $2.51 trillion, while Bitcoin hit $51,570 and Ethereum rose to $4,100 on December 27.
Since then, prices have retraced, with the total cryptocurrency market cap dropping to $2.34 trillion, with Bitcoin dropping to $47,400 and Ethereum pulling back to $3,720. In all, Bitcoin is now down 31% from its all-time high of just over $69,000 in November.
With the NFT market booming, DeFi adoption growing, and ambitious DAOs forming and pooling their crypto with a shared purpose—all against the backdrop of an uncertain U.S. regulatory framework—it’s anyone’s guess what the crypto markets might do in the first few weeks of 2022.