Celer (CELR), Cartesi (CTSI) and Compound (COMP) rally as DeFi heats up

Celer (CELR), Cartesi (CTSI) and Compound (COMP) rally as DeFi heats up

Bitcoin bulls are still struggling to push the price to a new high but the positive sign is that BTC has not corrected sharply in the past few days and the top-ranked cryptocurrency has held a market capitalization above $1 trillion since March 26. 

While many are wondering what Bitcoin’s next move will be, a Bloomberg Intelligence report by senior commodity strategist Mike McGlone projects that BTC will rally to $80,000 in the second quarter rather than slump to the $40,000 level.

Crypto market data daily view. Source: Coin360

Bitcoin’s consolidation has not held back altcoins, which have continued their march higher over the past few weeks. Cointelegraph recently reported that the number of cryptocurrencies commanding a $1 billion market capitalization has doubled in the past two months to hit the 100 mark.

Decentralized finance assets have also rallied significantly as the total value locked in DeFi reached $100 billion on April 6 according to data from DeFi Llama. At the start of the year, the TVL metric was only $20.74 billion, which shows there has been a massive amount of growth in the space.

Keeping the focus on altcoins, let’s analyze the fundamentals of three tokens that have done well in the past few days.