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With the recent resurgence in the cryptocurrency market, critical data in decentralized finance (DeFi) protocols has also started to recover. Many metrics such as transaction volume and total value locked (TVL) have reached their highest levels in months. The TVL in DeFi protocols surpassed $40 billion at the beginning of the week, after falling to as low as $36 billion in the past weeks.
Are We Seeing the End of Uncertainty in the Cryptocurrency Market?
There have been several significant developments in the cryptocurrency industry in recent weeks. The expectation that the U.S. Securities and Exchange Commission (SEC) may approve Spot Bitcoin ETF applications has led to a resurgence in the cryptocurrency market.
Meanwhile, while waiting for the official decision from the SEC regarding the ETF applications, market attention has turned to the Federal Reserve (FED) interest rate decision, which will be announced on November 1st at 9:00 PM (Turkey time). The current expectation in the market is that interest rates will remain unchanged.
In addition to the ETF expectations and the FED interest rate decision, critical developments have also taken place in the SEC-Ripple case. The lawsuit against Ripple executives was dropped in the past weeks. Although the ongoing legal battle between the SEC and Ripple has not yet concluded, the developments since July have led to the public perception that Ripple is closer to winning the case.
Critical Data on the Rise Again
These developments have led to a resurgence in the cryptocurrency market. The total market capitalization of the crypto industry has surpassed $1.28 trillion after the recent uptrend.
Furthermore, the rise in the cryptocurrency market has also resulted in the recovery of critical metrics in DeFi protocols. Many data points such as transaction volume and TVL have recorded their strongest increases in recent weeks.
The TVL in DeFi protocols, after falling to $36 billion last week, has risen again and surpassed $40 billion at the beginning of the week, approaching $42 billion according to the latest data.
In addition to TVL, there have also been significant increases in transaction volumes. The total transaction volume in DeFi protocols reached its highest levels in recent months with the recent uptrends.
