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The crypto roller coaster sees no end as the overall market bounced back into the green zone on Thursday morning, with decentralized finance (DeFi) blue-chip tokens such as Aave, Uniswap, and Curve significantly outperforming the rest of the pack.
AAVE, the native token of the cryptocurrency lending platform Aave, hit a daily high of $81.31 in the early hours today. Although the price of the token slid to $78.87 by press time, it is still up a hefty 9.7% over the past 24 hours, according to data from CoinMarketCap.
Aave made headlines last week after coming forward with a governance proposal for the launch of GHO, the platform’s own stablecoin.
Aave, which runs on the Ethereum blockchain, is used to lend or borrow digital assets without a centralized intermediary. The platform’s token, AAVE, is currently the 44th largest cryptocurrency with a market cap of over $1.09 billion.
UNI, the token behind the popular decentralized exchange Uniswap, has also gained 11.4% over the day and is currently changing hands at $6.31, data from CoinMarketCap shows.
Both AAVE and UNI are boasting an impressive uptick in value over the past week too, jumping 24% and 15%, respectively.
Curve hits one-month high
Meanwhile, CRV, the token behind the decentralized exchange Curve, is up 7.8% over the past 24 hours, as it hit the daily high of $1.05 before backtracking to $1.02 by press time, according to CoinMarketCap.
The latest price action is also a welcome development for CRV investors as the token returned to the levels it last traded on June 10.
Elsewhere, Bitcoin is up just 0.03% over the day. The leading cryptocurrency fell sharply to 19,000 on Wednesday following the news of U.S. inflation hitting a new four-decade high of 9.1%; however, it swiftly bounced back above $20,000 to temporarily allay investors' concerns.
At the time of writing, Bitcoin was trading just below the $20,000 level, per CoinMarketCap.
Ethereum, the industry’s second-largest cryptocurrency by market cap, is meanwhile up 1.2% over the past day, changing hands at $1,089.