DeFi TVL hits new highs while Metaverse tokens show signs of exhaustion

DeFi TVL hits new highs while Metaverse tokens show signs of exhaustion

Sentiment in the cryptocurrency market is back on the rise on Nov. 29 as the recent dip down into the “extreme fear” zone on the Crypto Fear and Greed Index improved slightly after Bitcoin (BTC) recovered above the $57,000 support, lifting the index higher into the “fear\” zone.

Fear & Greed Index. Source: Alternative.me

Despite the overall “fear” and “extreme fear” sentiments that have been dominating the market since the index began to decrease on Nov. 16, several sub-sectors of the cryptocurrency market, including metaverse-related projects and gaming protocols, have seen breakouts to new all-time highs.

Total value locked in DeFi. Source: Defi Llama
Total volume traded on decentralized exchanges. Source: Token Terminal
Borrowed volume on lending platforms. Source: Token Terminal

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