In November, Bitcoin may have had a large price increase towards ATH, but DeFi tokens took the top spot in terms of gains.
In November, the leading cryptocurrency made impressive progress towards its previous all-time high for a full month. As the month came to an end, Bitcoin reached its previous peak and traded around $19,000 since. However, the benefit from Bitcoin does not come close to what was reported at the same time by DeFi tokens.
In November, numerous tokens resurged and outperformed Bitcoin by publishing greater upswings. Bitcoin’s price jumped from $13,800 at the beginning of the month to around $19,100 at the end of the month, translating into a leap of 39%.
Ceteris Paribus, a Twitter user, used the Messari DeFi index to discover various tokens’ benefits.
The user wrote,
â€œReturns from Nov 1, ~ DeFi bottom. $BTC, $ETH, $DeFi,â€.
Based on the findings of the study, 18 DeFi tokens eclipsed Bitcoin’s huge rise.
Ethereum is one of the notable tokens that outperforms Bitcoin’s gain of almost 53%. SushiSwap skyrocketed 301% after gaining Uniswap’s liquidity leak, rendering it the highest performing token in November. Thanks to its newly rebalanced governance token, it is followed remotely by Aave at 200%. The third position is occupied by Yearn Finance, which had an outstanding 160% gain in the same era.
Three tokens for more, i.e. THORChain, Hegic, and bZx. fill out the list of three-figure gainers with Powerpool (95.7%), Cream (76.2%), Curve (76.1 percent), Uniswap (55.9%), and Compound are other noteworthy tokens ahead of Bitcoin (46.5% ).
On the other end of the axis, however other big-name tokens didn’t outperform Bitcoin. Creator, Balancer, Kyber, and Chainlink are among these.
It is important to remember that while many DeFi tokens have gained more than Bitcoin, most are still far from their all-time highs. On the other hand, Bitcoin is just less than 5% short of its record high mark.
After these gains, as of writing, the cumulative value locked across all DeFi ventures has risen to $14.77 billion. Since the beginning of last month, this number reflects a 30% rise and over 2,000 percent since 2020.