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The reason these DeFi altcoins see recoveries higher than Ethereum, Solana
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Bitcoin‘s price movements impact those of several cryptocurrencies in the market, with the altcoin king Ethereum following closely. But this is the story of the spot market, what about the DeFi market? Is it actually as correlated to the spot market as it may appear to be?
As the market goes back to recovering from the dip of 4 December, several smaller altcoins have marked a higher recovery than others. One such altcoin is SPELL.
The native token of the Abracadabra protocol which is used to mint Magic Internet Money was up by 93.4% in 2 days.
SPELL price action | Source: TradingView – AMBCrypto
Abracadabra is a well-established protocol with over $4.8 billion in TVL running on the top chains such as Ethereum, Avalanche, Fantom, etc. which is
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