The crypto market is bullish as a whole, with most top 100 coins in the green at the time of writing. 

Top cryptos

Major cryptos registered small gains today. Top cryptos were led by Ethereum, which gained around 3.5%, followed by Solana, XRP, and Cardano, all adding more than 2%. 

Bitcoin was trading above $20,000 at the time of writing, up more than 1.5% over the past 24 hours. Cryptos outside the top 10 also fared well. The biggest gainers were Avalanche and FTX Token, each adding around 4-5%. 

Shiba Inu’s price has recently been in a consolidation phase, analysts report. Its developers will launch TREAT and SHI stablecoins, after which the token SHIB is expected to increase by more than 15%. 

Top movers

Outside the top 20, the tendency was similarly bullish, with most coins adding 2-4% to their value. Notable standouts include Convex Finance’s CVX. 

It’s up by just over 4% today, which isn’t that impressive. What’s more important is that its gains for the week are at 58%, the most of all top 100 coins.

Convex Finance lets people earn additional interest rewards in Curve Finance, a major entity in DeFi and a leading automated market maker (AMM). Curve makes it easy and affordable to exchange tokens. 

The price of CRV, Curve DAO’s native token, also rallied over the past few days. Curve Finance stands out from other AMMs due to its relatively lower fees to users. It also has lower impermanent loss and slippage.

Curve DAO is responsible for Curve Finance governance. The token of another AMM, Compound, is doing just as well, if not better. It has gained around 6% today. 

Storj is the biggest top 100 winner with gains of 18% today. Arq Backup, Mac client software, announced it offers Storj DCS as a native storage location.

The losers 

A few coins registered minor losses, such as Synthetix, Arweave, Kava, eCash, Cosmos, and TRON. After a brief rise, Terra’s new stablecoin TerraClassicUSD began declining. It has lost 12% of its value so far today.

As with most assets in the crypto sector, the best part of December hasn’t been that good for DeFi tokens. A market-wide slump has seen most DeFi tokens slide lower, but we are now starting to see some price consolidation as bulls move in to buy emerging dips. Convex Finance (CVX) has however been a stand-out performer in the DeFi space, not just this year, but also over the past week or so. Here are some highlights:

• In the last 7 days or thereabout, Convex Finance (CVX) has surged by a whopping 50%.

• At press time, the token was trading at $41.39, albeit it had managed to hit highs of $49 in 24-hour intraday trading.

• The token is well above its 200-day simple moving average, indicating a bull trend is already in force.

Data source: Tradingview.com 

Convex Finance (CVX) – price action and analysis

In the last seven days, we have seen CVX break past several overhead resistance levels in its technical charts. It is an apparent bullish surge. In fact, most analysts were seeing the $44 price as the main barrier. Although at press time CVX was relatively lower at $41.38, at one point during intraday trading it had managed to surge well above that resistance. 

This suggests that some price consolidation around $44 is likely in the coming days. Some bullish analysts are even confident that CVX will regain its previous 24-hour highs of $49 and eventually break to consolidate around $50. Either way, Convex Finance (CVX) remains one of the best performing DeFi tokens right now.

Should you buy Convex Finance (CVX)

DeFi has exploded in 2021, and this trend is expected to continue in the near future. While there are many DeFi tokens to buy, based on its performance this year, it seems CVX is a top performer and would likely maintain this trend in the long term. It’s definitely a buy right now.