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It’s been a tough past few days for the DeFi market. Top decentralized finance coins have surprised most of their holders, actually dumping despite a relatively strong performance by Bitcoin.

In the past three days, BTC has gained over 5%, surging from $11,300 to $12,000 at the recent highs. Altcoins are not partaking in strong BTC price action for the first time in many months, suggesting to some commentators that a shift has taken place in how crypto investors allocate capital.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

DeFi Coins Crash as Bitcoin Inches Higher

Bitcoin surged higher on Monday and Tuesday after consolidating in the low-$11,000s. The hit $12,000 on Tuesday morning as this outlet reported.

Chart of bTC's price action voer the past few weeks. Source: BTCUSD from TradingView.com

Unfortunately for bulls, the Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

DeFi Fundamentals Strong

The fundamentals of this space remain strong despite the weak price action.

The number of active MetaMask users recently passed one million largely due to DeFi. As NewsBTC reported previously:

“Additionally, over the last twelve months, significant growth in the adoption of DAOs, Web3 games and the rapid consumer uptake of DeFi products and services has further accelerated our growth curve. It’s not just the ability to buy and store Eth that’s powering our new phase of growth. When you think about it, people don’t really want a wallet. They want to invest, sell, lend, borrow. They want to use sites like Uniswap, Yearn, Curve, Maker and Aave to get that job done. MetaMask is simply the connective tissue.”

Adding to this, on-chain trends show a strong increase in DeFi users.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Top DeFi Coins Crater 15% Despite Bitcoin Passing $12,000

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