Native tokens from several decentralized finance (DeFi) protocols have seen their prices surge by over 50% as November nears its end, driven by renewed investor confidence following the United States elections and optimism about greater regulatory clarity for digital assets.

Data from The Tie Terminal highlights significant gains among tokens from top DeFi protocols by market capitalization, including Curve Finance, dYdX, Lido, and Athena.

As of now, CRV has skyrocketed 120.23% over the past 30 days, followed by a 77.6% increase in ENA, a 53.7% rise in DYDX, and a 64.9% jump in LDO.

Other DeFi tokens, such as those from PancakeSwap, Uniswap, and SushiSwap , have also recorded notable gains. CAKE is up 53.8%, UNI has risen by 54.7%, and SUSHI has climbed 57.9% in recent weeks.

These gains have pushed DeFi charts back to levels not seen since 2021. According to DefiLlama, the total value locked (TVL) in DeFi protocols reached $118.4 billion on Nov. 25 — the highest in three years.

DeFi tokens have been riding a broader wave of positivity in the crypto market since early November, coinciding with Donald Trump’s reelection.

However, analysts note that altcoins’ correlation with the price of Bitcoin has been weakening over the past few days.

Bitwise analysts point to Bitcoin’s declining market cap dominance, which fell below 60% between Nov. 18–22, as a key factor in increased diversification into altcoins. They explained:

“We are generally seeing more performance dispersion among altcoins, and altcoins appear to be driven by a more diverse set of investment narratives. In other words, the correlation between major altcoins and Bitcoin has declined significantly, which allows for more alpha opportunities and higher diversification.”

Analysts also link the growing shift toward altcoins to Gary Gensler’s resignation as the SEC Chair, announced on Nov. 21.

Meanwhile, Bitcoin continues to trade near the $96,000 mark as of Nov. 25, struggling to cross the $100,000 threshold due to profit-taking by long-term holders.

Cryptocurrencies have significantly outperformed traditional assets over the past week, with global crypto exchange-traded funds (ETFs) recording a record $3.1 billion in inflows for the week ending Nov. 22.

Sources:

https://cointelegraph.com/news/defi-tokens-surge-november-tvl-hits-2021-highs

https://coinmarketcap.com/view/defi/