Aave continues to surge as the token increased 25% following a significant price fall. The token fell 45% between the 15th of October and the 21st. Ranked 39th, the decentralized finance (DeFi) token has gained 12.71% over the past 24 hours. After closing at $38.03, Aave is currently trading at $41.05.
As a result of recent increases, especially the 25% gain, an analyst has that Aave would soon hit $42. In addition, NewsBTC also that another trader predicted a higher price on Aave, saying that the token would rise up to 200% over time.
According to data gathered by Messari, the cryptocurrency space is beginning to recover from recent losses. Messari noted that the industry has recorded an 835% rebound over the past seven days. Before the recovery, the cryptocurrency market had six weeks of significant price decline.
In addition, prices of several cryptocurrencies also jumped on the news of PayPal’s entrance into the crypto market. On the 21st of October, payment service provider PayPal announced that from 2021, users will be able to buy and sell cryptocurrencies on the platform.
With plans for expansion in the near future, the new PayPal crypto payment will support four digital assets. The digital currencies include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Following PayPal’s announcement, the price of Bitcoin jumped nearly 11%. The price of Aave and other cryptocurrencies also increased in reaction.
Also, in the last 48 hours, Aave’s total value locked increased from $856 million to $1.1 billion.