AAVE, What a Boom! Cryptocurrency Gains 32% In A Week
In the last week, AAVE gained 32% to frame a truly sensational month of August.
AAVE is one of the many niche cryptocurrencies that arise almost daily and hardly gain the attention of the general public. This one, however, is worth writing about, especially today, as it has gained 32% in the last week, significantly increasing its value. At this point, it is more than fair to wonder how far it will go and whether or not this rise will continue.
AVE's surge
The month of August saw record-breaking results for AAVE. The cryptocurrency is currently worth $129.16 (at the time of writing, but as we know the value of these assets is subject to sudden changes) and, in the first 20 days of the last summer month, is up 17.6 per cent. This value is mainly due to a surge during the week of the August bank holiday. The performance over the year, measured from 1 January to date, is also excellent: +16%. In the last 24 hours prior to the writing of this article, AAVE has appreciated by 14%.
AAVE, Successful facet of decentralised finance
In short, the percentages speak for themselves: this cryptocurrency is growing strongly. AAVE is a positive expression of decentralised finance (which is often referred to, even on these virtual pages, as DeFi, from its two initial syllables in English). This is probably the main peculiarity that distinguishes the world of cryptocurrencies, setting it apart from the world of traditional finance.
The system in fact offers an open, transparent and accessible alternative to everyone, in complete autonomy, without the need for any intermediation by banks or financial institutions.
The total value of DeFi (expressed in TVL, for Total Value Locked, i.e. the total amount of funds deposited and deployed in the various decentralised protocols) is USD 84.457 billion and has grown by USD 30 billion since the beginning of the year.
We are a long way from the all-time high of 178 billion, reached in November 2021, before the terrible 2022 that represented a real crisis for this sector, but the figure is solid and shows us a snapshot of an industry that is truly healthy.
A Historic Protocol that never got the attention it deserved
A casual reader might mistakenly think that AAVE is a new player, just entering the market. In reality, it is a rather old DeFi protocol, so to speak. Active on the Ethereum blockchain, it falls under lending (lending) and has an LTV of $11.432 billion. Its annual growth is more than remarkable, amounting to 75% of its total value. The financial company that originated the cryptocurrency operates mainly in the lending sector and is involved in providing tokens in a decentralised manner through specific liquidity pools.
The All Time High (ATH) of the protocol, i.e. the highest value ever achieved, dates back to May 2021 and amounts to $707 recorded on Binance. The rise started after a significant decline. At the beginning of August, AAVE was worth no more than $75. In July, it had touched $100. Towards the end of the first week of this month, the asset started to gain, rebounding strongly and placing itself among the best cryptos of the period. Breaking the $130 mark by the end of the month is a given, if there are no unforeseen mishaps in the coming days, of course.
If you would like to follow the progress of AAVE and the other most interesting cryptocurrencies of the moment, subscribe to the SpazioCrypto newsletter, thanks to which you can keep up to date, or updated, on the latest movements.
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AAVE is one of the many niche cryptocurrencies that arise almost daily and hardly gain the attention of the general public. This one, however, is worth writing about, especially today, as it has gained 32% in the last week, significantly increasing its value. At this point, it is more than fair to wonder how far it will go and whether or not this rise will continue.
AVE's surge
The month of August saw record-breaking results for AAVE. The cryptocurrency is currently worth $129.16 (at the time of writing, but as we know the value of these assets is subject to sudden changes) and, in the first 20 days of the last summer month, is up 17.6 per cent. This value is mainly due to a surge during the week of the August bank holiday. The performance over the year, measured from 1 January to date, is also excellent: +16%. In the last 24 hours prior to the writing of this article, AAVE has appreciated by 14%.
AAVE, Successful facet of decentralised finance
In short, the percentages speak for themselves: this cryptocurrency is growing strongly. AAVE is a positive expression of decentralised finance (which is often referred to, even on these virtual pages, as DeFi, from its two initial syllables in English). This is probably the main peculiarity that distinguishes the world of cryptocurrencies, setting it apart from the world of traditional finance.
The system in fact offers an open, transparent and accessible alternative to everyone, in complete autonomy, without the need for any intermediation by banks or financial institutions.
The total value of DeFi (expressed in TVL, for Total Value Locked, i.e. the total amount of funds deposited and deployed in the various decentralised protocols) is USD 84.457 billion and has grown by USD 30 billion since the beginning of the year.
We are a long way from the all-time high of 178 billion, reached in November 2021, before the terrible 2022 that represented a real crisis for this sector, but the figure is solid and shows us a snapshot of an industry that is truly healthy.
A Historic Protocol that never got the attention it deserved
A casual reader might mistakenly think that AAVE is a new player, just entering the market. In reality, it is a rather old DeFi protocol, so to speak. Active on the Ethereum blockchain, it falls under lending (lending) and has an LTV of $11.432 billion. Its annual growth is more than remarkable, amounting to 75% of its total value. The financial company that originated the cryptocurrency operates mainly in the lending sector and is involved in providing tokens in a decentralised manner through specific liquidity pools.
The All Time High (ATH) of the protocol, i.e. the highest value ever achieved, dates back to May 2021 and amounts to $707 recorded on Binance. The rise started after a significant decline. At the beginning of August, AAVE was worth no more than $75. In July, it had touched $100. Towards the end of the first week of this month, the asset started to gain, rebounding strongly and placing itself among the best cryptos of the period. Breaking the $130 mark by the end of the month is a given, if there are no unforeseen mishaps in the coming days, of course.
If you would like to follow the progress of AAVE and the other most interesting cryptocurrencies of the moment, subscribe to the SpazioCrypto newsletter, thanks to which you can keep up to date, or updated, on the latest movements.
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