Top decentralized finance (DeFi) coins have dropped 5-10% over the past 24 hours despite Bitcoin’s move higher. BTC now trades at new year-to-date and multi-year highs at $16,300 and may continue higher as the key supports in the $16,000 region are surpassed.
While Bitcoin is up 3% In the past 24 hours, top DeFi names like Aave, Yearn.finance (YFI), and Synthetix Network Token (SNX) have dropped 5-10% in the past 24 hours.
Ethereum is also down 2% in the past 24 hours, falling from the local highs around $475.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Top DeFi Coins Drop Amid Bitcoin Rally
This drop in the DeFi market comes after an extremely strong move higher in the prices of DeFi coins, where leading names have rallied over 100% since their lows.
Many DeFi coins were overextended in the short term after bouncing so fast from their local lows, resulting in this correction.