Aave recorded huge gains, emerging as the top gainer among the top 100 crypto funds, amid the bullish trend across the market.
ghost (GHOST) has risen 34% in the past 24 hours and is trading at $355 at the time of writing. As the native token of the leading lending protocol its market cap increased to $5.3 billion, making it the 31st largest cryptocurrency.
This is the first time since late August 2021 that Aave has broken the $350 mark.
First, the broader crypto market, including Bitcoin (BTC), started to rise immediately after the US Consumer Price Index report on Wednesday.
The US inflation rate in November came in at the expected 2.7% year over year, 0.1% up from 2.6% in October, according to data from Investing.com.
After that, Bitcoin crossed the $100,000 mark again as the global crypto market capitalization increased by 4%, reaching $3.82 trillion, per data from CoinGecko.
Second, a set of new developments gave the second largest decentralized finance protocol a positive vibe – Aave's total DeFi value is pegged at $22 billion.
Balancer nominated for renewal the decentralized exchange and its automated portfolio management protocol to v3 in partnership with Aave, crypto.news reported on Wednesday. The lending protocol optimizes the Balancer v3 liquidity pools, allowing users to maximize returns.
In addition, Aave is ready for launch on Linea, a zk-rollup network supported by Consensys, after receiving the green light from its community. This allows Aave to increase and increase its transaction volume with lower fees.
Third, President Donald Trump's DeFi project, World Liberty Financial, collected $1 million worth of AAVE tokens at an average price of $297.8 earlier today.
Last but not least, Aave's whale rally strengthened as the price fell below the $260 mark on Monday. According to data from IntoTheBlock, the large asset custodian's net inflow reached 103,610 AAVE on December 9.
Sudden spikes in whale inflows usually cause fear of missing out among retail investors, which can push prices higher.
Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.
