DeFi and layer-2 tokens steer crypto higher as inflation jitters ease
Bitcoin cleared $78,000 while the DFX index jumped 16% in a day, with 98 of the CoinDesk 100 trading up as Treasury yields retreated below 5%.
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Crypto extended its rebound on Friday, with decentralized finance and layer-2 tokens now setting the pace after privacy-focused and haven-type assets drove Thursday's rally — a rotation traders read as evidence that risk appetite is returning.
Bitcoin climbed above $78,000 during European morning trading, up 2.1% since midnight UTC and 1.9% over 24 hours, changing hands at roughly $80,328. Even so, the token remains 5% beneath its Sept. 4 monthly peak of $82,284 after two weeks stuck in a range.
Breadth across the market was unusually wide. Of the 100 assets tracked in the CoinDesk 100 index, 98 were higher on the day, according to CoinDesk.
DeFi leads the charge
The strongest momentum sat with the DeFi Select Index (DFX), a basket of decentralized finance tokens — protocols that replicate lending, trading and other financial services without intermediaries. The gauge jumped 8.3% since midnight UTC and 16% over the past day, outpacing every other segment of the market.
The advance coincided with a friendlier macro picture. The 10-year Treasury yield fell back beneath 5%, and Brent crude slipped below $103 a barrel after touching $109 earlier in the week, damping the inflation fears that had followed the Federal Reserve's latest rate increase.
Traditional risk assets moved in step. S&P 500 futures rose 0.3% and Nasdaq 100 futures gained 0.6%, while gold and silver added 1.1% and 2.8% respectively.
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