BNB dominance and DeFi growth Q1 highlights according to CoinGecko

CoinGecko’s Q1 2021 report offers several insights into the market for this latest quarter. The review includes details on the dominance of Binance Coin (BNB) and the continued growth of DeFi.

CoinGecko has published a market report for the first quarter of 2021 in which it reveals surprising information. The report covers various topics, including non-fungible tokens (NFTs), the incredible BNB rally, and detailed analysis related to the performance of the decentralized finance (DeFi) sector.

<a href= Spot trading volume and market capitalization of top 30 cryptocurrencies (January 2020 – April 2021): CoinGecko first quarter 2021 report .” src=”” data-src=”https://s.yimg.com/ny/api/res/1.2/XxxrXYHw8f6GMspZlZ.Xvw–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU1Ny40ODg3ODkyMzc2Njgx/https://s.yimg.com/uu/api/res/1.2/Q0juVKX8QxhVDHZK6iYa4A–~B/aD01MTg7dz04OTI7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/es/beincrypto_es_147/cf0f5987b46d34063e26ff86dabe2eb6″/><a href= Spot trading volume and market capitalization of top 30 cryptocurrencies (January 2020 – April 2021): CoinGecko first quarter 2021 report .” src=”https://s.yimg.com/ny/api/res/1.2/XxxrXYHw8f6GMspZlZ.Xvw–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU1Ny40ODg3ODkyMzc2Njgx/https://s.yimg.com/uu/api/res/1.2/Q0juVKX8QxhVDHZK6iYa4A–~B/aD01MTg7dz04OTI7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/es/beincrypto_es_147/cf0f5987b46d34063e26ff86dabe2eb6″ class=”caas-img”/>

The report delves into the market’s performance during the quarter, which has been one of the strongest yet. The collective market capitalization of top 30 cryptocurrencies increased 146%.

Trading volumes increased 155%. Points Coinbase’s IPO, Tesla’s investment in Bitcoin, and Fidelity’s Bitcoin ETF as the main factors contributing to the rise.

<a href= Bitcoin vs. gold vs. top 5 stocks of the S&P 500 ” src=”” data-src=”https://s.yimg.com/ny/api/res/1.2/f8wdh785vSpqAePzzGDCSg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ1NC42ODc1/https://s.yimg.com/uu/api/res/1.2/JM1vcHjln8_vF5qxP2R5Mg–~B/aD00ODU7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/es/beincrypto_es_147/0a48eb9aabcfbad4c708588049465850″/><a href= Bitcoin vs. gold vs. top 5 stocks of the S&P 500 ” src=”https://s.yimg.com/ny/api/res/1.2/f8wdh785vSpqAePzzGDCSg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ1NC42ODc1/https://s.yimg.com/uu/api/res/1.2/JM1vcHjln8_vF5qxP2R5Mg–~B/aD00ODU7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/es/beincrypto_es_147/0a48eb9aabcfbad4c708588049465850″ class=”caas-img”/>

It also compares the market capitalization of Bitcoin with other assets and companies. At $ 1.1 trillion, it has one-tenth the market capitalization of gold, It has 60.8% of the value of Microsoft and 53.8% of the value of Apple.

BNB takes the crown

When it comes to particular assets, we sometimes find some interesting returns; both Bitcoin and Ethereum’s performance were dwarfed by that of Binance Coin (BNB).

<a href= Top 5 cryptocurrency price corrections (January – April 2021) ” src=”” data-src=”https://s.yimg.com/ny/api/res/1.2/m0H7mT7dQBRkyxG__YiLJg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ3Ny44NTIzNDg5OTMyODg2/https://s.yimg.com/uu/api/res/1.2/N2MFMecE95J3slZKx0SgDQ–~B/aD00NDU7dz04OTQ7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/es/beincrypto_es_147/1f95c80b3390f29f99cb8c2f1ebbfbb2″/><a href= Top 5 cryptocurrency price corrections (January – April 2021) ” src=”https://s.yimg.com/ny/api/res/1.2/m0H7mT7dQBRkyxG__YiLJg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQ3Ny44NTIzNDg5OTMyODg2/https://s.yimg.com/uu/api/res/1.2/N2MFMecE95J3slZKx0SgDQ–~B/aD00NDU7dz04OTQ7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/es/beincrypto_es_147/1f95c80b3390f29f99cb8c2f1ebbfbb2″ class=”caas-img”/>

BNB had the best performance and made a profit of 710%, followed by Cardano (ADA) and Polkadot (DOT) with gains of 555% and 294%, respectively.

In consecuense, states that “there is altcoin season” because Bitcoin’s dominance has dropped 5.7%. Ethereum’s dominance, however, was up 13.1%. In fact, altcoins have had the best results in recent weeks, including stablecoins, which made a profit of $ 32.6 billion in market capitalization.

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Dollar weakness

Dollar weakness

However, Bitcoin is still the topic of conversation and CoinGecko notes that Bitcoin’s role as a hedge against inflation is still very strong. Fiscal policies and low interest rates worry analysts about rising inflation, and Bitcoin has managed to stand out even more thanks to these reasons.

DeFi growth skyrockets

The DeFi industry is also in the spotlight. The sector has captivated investors, many of whom turn to him for good returns and innovative lending solutions.

DeFi’s market capitalization this quarter reached a record $ 95.7 billion, representing an increase of 382% since the beginning of the year. Market capitalization has risen since the report was written and now stands at $ 123.4 billion.

<a href= Dominance of total blocked value ETH vs. BSC (January – April 2021) ” src=”” data-src=”https://s.yimg.com/ny/api/res/1.2/UPT_4sMQwQGgL0A97UmHwQ–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0Ni4yNDY5NzMzNjU2MTc1/https://s.yimg.com/uu/api/res/1.2/acwde.qtesNgVaqpVGW0sg–~B/aD00NzA7dz04MjY7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/es/beincrypto_es_147/efc00d39c508da097db4964a2c97b97c”/><a href= Dominance of total blocked value ETH vs. BSC (January – April 2021) ” src=”https://s.yimg.com/ny/api/res/1.2/UPT_4sMQwQGgL0A97UmHwQ–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0Ni4yNDY5NzMzNjU2MTc1/https://s.yimg.com/uu/api/res/1.2/acwde.qtesNgVaqpVGW0sg–~B/aD00NzA7dz04MjY7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/es/beincrypto_es_147/efc00d39c508da097db4964a2c97b97c” class=”caas-img”/>

Total locked value has skyrocketed as well, with Ethereum and Binance Smart Chain (BSC) jointly valued at $ 72 billion, by that metric. However, highlights the growth of BSC, whose TVL increased from 3% to 27%.

However, he notes that challenges persist in the DeFi space, most notably related to the fees and scalability of ETH gas. Ethereum, which has higher gas rates than BSC, is testing various solutions like Optimism, Zk-Rollups, and the EIP-1559 to address the problem.

The post The dominance of BNB and the growth of DeFi the highlight of Q1 according to CoinGecko was first seen on BeInCrypto.