Cryptocurrency analytics firm Alphractal has released a new report revealing the sharp decline in DeFi’s market dominance, which has fallen to its lowest level since the beginning of 2021.
According to the report, DeFi dominance currently stands at less than 3%.
Alphractal pointed to several DeFi assets with strong fundamentals that could offer resilience and growth potential despite a broader market slowdown. The report cites LINK, HBAR, AVAX, OM, UNI, AAVE, DEXE, JUP, ENA, and MKR as projects worth watching.
The decline in DeFi dominance reflects a shift in capital allocation across the crypto ecosystem, but Alphractal suggests that the undervaluation in the sector could make this an opportune moment for long-term positioning.
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The world’s largest cryptocurrency, Bitcoin, continues to be the undisputed leader with a market dominance of 61.65%. In previous altcoin bull markets, this rate had fallen to 39%. BTC dominance has been on an upward trend since the beginning of 2023 and is currently at a position equivalent to May 2021.
*This is not investment advice.
