Following Bitcoin’s all-time high, DeFi TVL hits a record high above $233B

Following Bitcoin’s all-time high, DeFi TVL hits a record high above $233B

The total value locked in DeFi protocols soared to $233.8 billion as rising token prices and the increasing integration of stablecoins helped send the metric to a record high.

Bullish sentiment is running high across the cryptocurrency market on Oct. 20 as Bitcoin’s (

Stablecoin growth hints at future demand for crypto

Another factor contributing to DeFi’s growth could be the steady integration and infusion of stablecoins.

There has been an interesting history of increases in the circulating supply of Tether coinciding in large part with run-ups in the price of Bitcoin, and this most recent rally is no exception because on the same day that BTC established a new all-time high, so to did the circulating supply of USDT.

The importance of stablecoins to the overall DeFi economy is also evidenced by the total value locked on Curve, which specifically deals with the creation of stablecoin pools for use across the ecosystem.

The overall cryptocurrency market cap now stands at $2.635 trillion and Bitcoin’s dominance rate is 47.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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