AAVE rallies over 25% as a golden cross pattern nears
The post AAVE rallies over 25% as a golden cross pattern nears appeared on BitcoinEthereumNews.com. AAVE rallied as much as 25% today, fueled by growing optimism across its ecosystem and a spike in trading activity. Aave (AAVE) soared to an intraday high of $269 on May 20 afternoon Asian time, marking its highest level since February and making it one of the top-performing cryptocurrencies in the market right now. From its April low, AAVE has now climbed more than 132%. The surge came alongside a spike in trading volume. According to data from crypto.news, over $800 million worth of AAVE changed hands today, its most active day since early March. Meanwhile, AAVE’s futures open interest hit an all-time high of $569 million, reflecting strong demand from derivatives traders. Its positive funding rate for two straight weeks also suggests the majority of the market is still betting on more upside, with long traders currently paying short traders. Traders appeared to welcome progress on the GENIUS Act, which recently cleared a key procedural vote in the U.S. Senate. The bill proposes a regulatory framework for stablecoins, an area critical to DeFi protocols like Aave. Given Aave’s reliance on stablecoins like USDC, DAI, and its native GHO, the prospect of regulatory clarity could encourage more institutional participation and bolster confidence across its ecosystem. AAVE also got a boost from solidifying its lead as the top DeFi protocol by TVL. According to DeFiLlama, its total value locked jumped nearly 40% in the past month to reach $40.7 billion, far surpassing Lido, which has $23.3 billion. This growth is translating into real revenue. AAVE has raked in over $250 million in fees year-to-date, putting it among the most profitable protocols in the space. Momentum on the technical front is also being matched by a rise in daily active addresses, which have spiked 57% over the past two days. Source: Santiment…
The post AAVE rallies over 25% as a golden cross pattern nears appeared on BitcoinEthereumNews.com.
AAVE rallied as much as 25% today, fueled by growing optimism across its ecosystem and a spike in trading activity. Aave (AAVE) soared to an intraday high of $269 on May 20 afternoon Asian time, marking its highest level since February and making it one of the top-performing cryptocurrencies in the market right now. From its April low, AAVE has now climbed more than 132%. The surge came alongside a spike in trading volume. According to data from crypto.news, over $800 million worth of AAVE changed hands today, its most active day since early March. Meanwhile, AAVE’s futures open interest hit an all-time high of $569 million, reflecting strong demand from derivatives traders. Its positive funding rate for two straight weeks also suggests the majority of the market is still betting on more upside, with long traders currently paying short traders. Traders appeared to welcome progress on the GENIUS Act, which recently cleared a key procedural vote in the U.S. Senate. The bill proposes a regulatory framework for stablecoins, an area critical to DeFi protocols like Aave. Given Aave’s reliance on stablecoins like USDC, DAI, and its native GHO, the prospect of regulatory clarity could encourage more institutional participation and bolster confidence across its ecosystem. AAVE also got a boost from solidifying its lead as the top DeFi protocol by TVL. According to DeFiLlama, its total value locked jumped nearly 40% in the past month to reach $40.7 billion, far surpassing Lido, which has $23.3 billion. This growth is translating into real revenue. AAVE has raked in over $250 million in fees year-to-date, putting it among the most profitable protocols in the space. Momentum on the technical front is also being matched by a rise in daily active addresses, which have spiked 57% over the past two days. Source: Santiment…
What's Your Reaction?
