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Ethereum, Binance Coin, AAVE Notch New All-Time Highs, 3 Positive Signs the Crypto Market Is Just Getting Started

Total Value Locked (USD) in Aave

Courtesy: DeFiPulse

3 Positive Signs the Crypto Market Is Just Getting Started

First, data from TheTIE, a social analytics firm, noted that Google searches for “buy crypto” had recently hit record highs. The firm also noted that there’s been a 135% jump in cryptocurrency social media activity in the last 3 months.

Second, payments giant, Visa announced that it is aggressively pursuing cryptocurrency partnerships, including debit cards and digital banks.

Meanwhile, Grayscale keeps extending its tentacles further, set to move into the decentralized finance space after new trust filings for Aave (AAVE), Polkadot (DOT), and Cosmos (ATOM) were filed on Jan 27. On the same day, Grayscale also registered trusts for Cardano (ADA), as well as the privacy coin Monero (XMR).

Grayscale’s decision to expand its cryptocurrency horizons could have been spurred by the previous year 2020 price performances of the digital assets in question. Aave recorded 483% growth in the Q4 2020, to rank 14th largest by market cap. The project was a forerunner of the decentralized finance phase in 2020, focusing on lending, borrowing, and flash loans. Cosmos recorded similar growth of 489% as the value of its ATOM coin climbed from the $1.50 range to above $9. The project is now ranked 29th by market cap.

The interoperable blockchain platform, Polkadot also recorded nearly 540% growth between inception in Aug 2020 and Feb 2021.

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