DeFi tokens and NFTs are rallying higher as the price of Bitcoin drops below $ 19,000

Bitcoin (BTC) and other large altcoins are either stuck in range or seeing a correction. However, that is not the case with the entire crypto space because few tokens have been outperforming large cryptocurrencies by a considerable amount.

In a world where yields have plummeted to insignificant levels, the DeFi ecosystem has attracted investor attention. Data from Dune Analytics shows that the number of unique Ethereum addresses participating in various DeFi protocols has increased from about 91,000 to over 1 million in a year.

A few analysts have warned that while these numbers look encouraging, the actual number of unique users may be much smaller, as many DeFi users may be using multiple addresses. Despite this possibility, the fact that the growth in DeFi has been phenomenal cannot be denied.

Compound, DeFi’s fourth largest platform by total locked-in dollar value, has come back strong since Nov. 26 when $ 89 million worth of collateral was liquidated when Dai’s price rose to $ 1.3 on Coinbase and Uniswap. These price feeders are used by Compound.

Although the Compound protocol worked as it should, its reliance on only a few data points for oracles came under criticism. As this was a one-off event, the price has increased in the hopes of finding a solution to avoid such liquidations in the future.

Daily data of crypto market data. Source: Coin360

Waves is another ticket that has made a strong upside down rush. The team behind the Waves protocol recently announced a partnership with OKExChain, a public blockchain developed by digital asset exchange OKEx, to build decentralized applications and developer-friendly tools.

Wave Gravity protocol will enable OKExChain to connect and transfer assets across multiple blockchain. Assets in the Waves ecosystem can be deployed on decentralized exchanges built using OKExChain. Developers and traders from both ecosystems can hold, exchange and use tokens issued on the Waves and OKExChain protocol.

The gaming industry and associated crypto tokens have also boomed further in 2020 as people are forced to stay home because of the coronavirus pandemic. Growth in this sector also catalyzed a strong movement among the irrevocable tokens, or NFTs, used in many blockchain-based games.

One of the most popular games based on blockchain and NFT in 2020 is Axie Infinity. In the game, players are given the task of building a digital landscape and battling their pets against other players, similar to Pokémon and Tamagotchi. The increased downloads and over 4,500 active participants have also increased demand for its Axie Infinity Shards (AXS) ticket.

While the fundamentals of each company have been positive, is the technical project further upside down?

Let’s analyze the charts of these three tickets to find out.