Aave’s Price Soared To $123 ATH As TVL Increased: Price Analysis

Aave’s price soared to $123, recording an all-time high as its TVL increased and the fundamentals improved with the renewed interest in the Defi tokens and started a double-digit rally in its price as we can see in today’s altcoin news.

As the crypto bull market goes on with gaining traction, the price of Aave’s price soared and the token is pushing towards the new all-time high. The growth of the decentralized lending platform seems to be bolstered by improving the fundamentals and its steady growth of the total value locked on the platform with the creation of the Defi-based  crypto-collectibles tokens and the community called Aavegotchi. Aave was one of the Defi success stories of 2020 with the price reaching $2 back in January to today’s all-time high of $123.92.

total value locked
Total value locked (USD) in Aave. Source defipulse.com

The most recent breakout saw the price rally by 52% over the past three days and a number of analysts attribute this move to the “Coinbase Effect” after the exchange announced plans to list Aave back in December. According to DeFi pulse, Aave is the second-ranked DeFi platform according to the total value locked metric that has a total of $2.41 billion that are entrusted in the platform. The platform seems to be showing a correlation between the total value locked on the platform and the BTC price move. As per the charts, the BTC price increased and the amount of value locked on the platform did as well.

AAVEUSDT 4-hour chart. Source TradingView.com

Choosing to expand ETH in the wider crypto economy, and the ability to trade BTC on the ETH protocol via the layer-2 solutions that look to have been a key part in the growing success of Aave with the decentralized finance offerings. Crypto is an evolving sector and there’s a tendency for the active tokens that hold their value growth potential when it comes to tokens without having a roadmap.

GHST was launched as a DAO governed token sale where all of the funds were managed by the community and the platforms allow users to collect and compete with their Aavegotchi’s in the expanding gamified experience. The users can stake their GHST tokens on the platform to generate Frens which can be used to raffle tickets for specialized items. During the DeFi correction, most tokens lost up to 80% of their value and Aave and GHST token that was not spared from the carnage.

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