DeFi tokens lead the market higher as Bitcoin price searches for momentum

Several DeFi tokens saw their prices breakout on Feb. 4 as (BTC) and Ether (ETH) prices traded sideways for the day. Aside from the general bullish trend permeating the DeFi sector, positive comments from big-name investors touting the benefits of blockchain technology and DeFi appear to be lifting sentiment throughout the sector.

Currently, Bitcoin price is still struggling to reclaim the $38,000 level and according to Cointelegraph analyst Marcel Pechman, top traders may have added to their short positions as BTC rallied toward $38,000 on Feb. 3.

Daily cryptocurrency market performance. Source: Coin360
AAVE vs. MKR vs. COMP percentage growth 4-hour chart. Source: TradingView
daily chart. Source: Coin360