Synthetix, Maker, and Compound surge as the DeFi market rallies strongly after Bitcoin price recovers.
On Jan. 11, Bitcoin saw a steep correction as it dropped to around $30,500. It began to recover swiftly after the initial correction, rallying above $36,000 in the next 24 hours that followed.
DeFi tokens, including Synthetix (SNX), Maker (MKR), and Compound (COMP), outperformed the majority of the market. The primary reasons behind their performance are strong fundamentals for each project and improving market sentiment.
Highly anticipated roadmaps
DeFi tokens have generally performed well in recent weeks. Maker, for instance, surged by nearly 100% before the Jan. 11 correction alongside other large-cap cryptocurrencies.
The market sentiment around DeFi has already been generally positive. The release of highly anticipated roadmaps, like in the case of SNX, further amplified the positivity around the DeFi market.
On Jan. 12, Synthetic announced that it is transitioning to Optimistic Ethereum in a blog post detailing its roadmap in 2021.
Not much PA to