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The return of Bitcoin to $38,000 sparked heavy relief rallies in DeFi tokens and a few altcoins.
Alts and DeFi resurfaced on May 24 after a couple of decentralised finance tokens saw their values rise by more than 60% as Bitcoin bulls raised the price of BTC to $38,000.
Few observers are calling the move a “dead cat bounce,” but amid those worries, the price increase seen across the industry is likely to be a welcoming sight for cryptocurrency investors who witnessed last week’s monumental capitulation case, which saw approximately $1.3 trillion in valuation removed from the overall cryptocurrency market cap.
The Ethereum (ETH) layer-two solution Polygon (MATIC), which has emerged as the market’s leading L2 solution in recent weeks, had the best bounce-back score of the top 200 coins.
Decentralized finance (DeFi) tokens have also led the charge, with Maker (MKR) soaring 91 percent overnight to trade above $4,000 and Yearn.finance (YFI) surging 72 percent to trade near $48,000.
Such prominent DeFi price gainers include Uniswap (UNI) and Aave (AAVE), whose token prices increased by more than 50%, and the Binance Smart Chain-based BakeryToken (BAKE), which now trades over $3.30.
Monday’s rally has contributed almost $400 billion to the overall cryptocurrency market capitalisation, which now stands at $1.615 trillion, with Bitcoin dominating at 44 percent.