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DeFi Tokens Rose in a Turbulent Week: CoinDesk Market Index
Lesser known altcoins had a strong week as bitcoin and ether wrestled with macroeconomic headwinds
Updated Jun 2, 2023, 6:38 p.m. Published Jun 2, 2023, 6:38 p.m.
In a week that saw bitcoin and ether mostly tread water, a few lesser-known names in decentralized finance (DeFi), posted double-digit gains.
This week’s DeFi and overall leader was Injective Protocol (INJ), the layer 1 blockchain geared towards building decentralized finance applications, including exchanges and lending protocols. INJ is also the leader year to date, increasing 527% since January.
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DeFi protocols Lido (LDO), , and , also had strong weeks, rising 15%, 13%, and 12%, respectively.
, an asset within the Computing sector, was the overall laggard on the week, falling by 40%. The CMI includes 156 assets across six sectors, with each asset being classified on the basis of its intended use or application.
Bitcoin and ether finished 46th and 67th, rising just 1.39% and 3.5%, respectively, in a turbulent week that saw the U.S. Congress pass a bill to raise the debt limit, and renewed worries about inflation and the increasing likelihood of at least one more interest rate hike by the Federal Reserve. On Friday, an unexpectedly robust employment market report showing the U.S. economy adding 339,000 jobs in May versus forecasts for 190,000, seemed to bolster the case for a continuation of monetary hawkishness. Tight job markets characteristic of strong economies traditionally rachet up inflationary pressure.
Yet other signals were less definitive as unemployment rose to 3.7%, versus expectations of 3.5%, and the U-6 unemployment rate, often viewed as a more comprehensive measure of labor markets given its inclusion of discouraged and underemployed workers also rose.
As of publication, the Bitcoin Trend Indicator (BTI) is flashing a downtrend signal, a decline from relative to the prior neutral signal. The Ether Trend Indicator (ETI) continues to signal that the asset is in the middle of a “significant uptrend”.
Among the five CoinDesk Market Index (CMI) sectors, DeFi led the way over the most recent seven days, with a 2.57% gain overall. The Digitization sector was the laggard, falling 3.4% over the identical time period.
Year-to-date, the DeFi sector ranks fourth among CMI sectors, with the Currency sector leading the way. Digitization, the smallest of all CMI sectors, is the laggard.
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