
Bitcoin is up a modest nearly 1% in the past three days, but it isn't the shining star in the crypto market today.
A number of Altcoins are surging with assets like Maker, Aave and Toncoin leading the charge.
Prominent DeFi token MKR is up more than 3%, currently trading hands for $1,455.
The price jump may be something to do with the project's Endgame Plan-an intiative to generate as much revenue for the protocol via yield from real-world assets, which is gaining traction. The project's demonetization was divisive when it was debuted last year, but has since helped the project earn healthy returns on its treasury.
MKR is not the only DeFi token to be on the up: AAVE, the 45th largest digital asset by market cap, is up over 6% in the past week, CoinGecko data shows. The stock is currently trading at $68.82.
The Open Network's native cryptocurrency, TON, is one of the top gainers, having added 6.5% to its value in the past 24 hours. It is going to be $2.07 right now, coingecko shows.
Telegram's popularity has been on a rise since the messaging app Telegram launched a self-custodial digital wallet for its users and last month it landed a spot in the top 10 biggest cryptocurrencies- briefly stealing Dogecoin's crown.
Bitcoin, the largest digital asset by market cap, is currently trading for $27,441. The value of the currency rose to a two-month high on Sunday after a number of short liquidations, which may have been caused by a short squeeze in the futures market.
Other major cryptocurrencies like Ethereum, Ripple, and Polygon are all down in the past 24 hours.