The leading cryptocurrency has risen 10% in the past 24 hours, reaching multi-week highs after a few days of slow price action.
The SUSHI recovery comes at a time when Bitcoin is rising, reaching new highs of $ 29,500. The leading cryptocurrency is currently trading for $ 29,000 after a slight correction.
The Ethereum-based SushiSwap currency is up as ETH corrects. Ethereum has dropped 1.5% in the last 24 hours, which generally means that altcoins underperform.
SUSHI Rallies with other DeFi currencies
SushiSwap’s recovery in the last 24 hours to 48 hours comes at a time when the DeFi market has finally set up some kind of recovery.
Many of the major decentralized financial currencies, such as UNI and YFI, have faced strong corrections in recent weeks. Although Ethereum has recovered, most attention has focused on Bitcoin and smaller altcoin groups. This resulted in capital outflows from these altcoins to BTC and other niche markets.
DeFi is finally recovering, however, as Bitcoin’s momentum may be easing.
SUSHI is one of the best performing crypto assets in the past 24 hours. It’s the best performing DeFi cap from the previous day, plus THORChain’s RUNE, which has gained 15% in the last 24 hours.
Strong fundamental trends
The SUSHI rally is based on strong fundamental trends for the SushiSwap platform itself. Andre Cronje, founder of Yearn.finance, said about SushiSwap and SUSHI when announcing a partnership between the protocol he founded and the exchange:
I had spoken openly in the past about the things that Sushiswap did wrong, but I can’t overstate how much they did right. In the last few weeks interacting with 0xMaki, I developed an immense respect for his character, his abilities and his execution. Boring, gave me a similar experience and showed me an incredibly strong, motivated and talented developer, quickly detecting errors that I didn’t notice. These two alone would be invaluable to have together on our mutual journey, but the Sushiswap team is much more and they will continue to grow.
Developers should soon launch a new platform called BentoBox.
This solution, BentoBox, will be an on-chain loan solution that will allow margin trading for the long tail of assets at Ethereum. SUSHI is expected to accumulate value with this launch, as currency punters are expected to earn more.