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DeFi boom pushes Universal Market Access (UMA), SwissBorg and Siacoin (SC) higher

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Cointelegraph By Rakesh Upadhyay

The total market capitalization of cryptocurrencies surged to $1.139 trillion on Feb. 4, just short of silver’s total market cap at $1.5 trillion.

While the crypto market cap is still way below that of gold, Bloomberg senior commodity strategist Mike McGlone said in a report that Bitcoin (BTC) has found strong support at $30,000 and it may now rally to $50,000 and higher.

Crypto market data daily view. Source: Coin360

However, some institutional investors who had invested at lower levels and are sitting on huge profits are taking some money off the table.

United Kingdom-based Ruffer Investment Management said it had initially invested about $600 million in November 2020, which had more than doubled when Bitcoin hit an all-time high at $41,959.63. The firm booked profits on an amount just more than their cost and decided to let the remaining balance ride.

While Bitcoin gradually climbs towards the all-time high, altcoins have been soaring, suggesting that traders have shifted their funds from BTC into Ether and other smaller-cap coins.

Let’s analyze three such tokens that are backed by strong fundamentals.