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How Lido’s TVL pushed its way to a new ATH

Press Releases Crypto News AMB-Crypto How Lido’s TVL pushed its way to a new ATH

Lido’s TVL peaked at a new ATH, aided by recent market activity.
LDO approached short-term resistance after a bullish performance in the last three days.

Bullish and bearish cycles certainly have an impact on appetite for staking. Lido’s [LDO] TVL is quite sensitive to such changes, and as such, we see an impact in the total value locked every once in a while.

Realistic or not, here’s Lido’s market cap in BTC’s terms

Earlier this week we had a chance to see yet another instance in which Lido’s TVL benefitted. The judicial ruling that XRP is not a security resulted in a strong wave of bullish demand.

Unsurprisingly, Lido’s TVL has been pushing higher since then and has even managed to secure a new all-time high.

Source: DeFiLlama

Lido TVL’s previous ATH was on 4 May at around $6.9 billion. For perspective, the TVL was at $7.76 billion at press time. But why is this such an important observation? Well, the TVL reached a new peak in the last 24 hours.

This was largely due to bullish demand that we saw in the second half of the week as market sentiment shifted.

More importantly, higher TVL meant that crypto holders were more optimistic about long-term prospects. Crypto holders usually avoid staking when they expect short-term sell pressure. In other words, higher TVL offers an idea of the market sentiment.

LDO’s current position based on on-chain data

As far as on-chain analysis is concerned, the recent market activity manifested itself as a surge in transaction count and network growth. LDO’s mean coin age has also been steadily rallying for the last few weeks. However, it pivoted slightly on 13 July.

This is around the same time that the price registered a sizable Go to Source to See Full Article
Author: Michael Nderitu

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