Binance’s DeFi Composite Index has been hit hard by the abrupt drop of the DeFi sector, down around 60% since early September.
Bitcoin (BTC) resurgence is continuing to sap capital from the altcoin markets as other cryptocurrencies are struggling to catch up to BTC.
DeFi struggles as Bitcoin shines
The DeFi Composite Index, first launched by Binance Futures in late August, is seeing its second month of strain, trading down from its all-time highs of close to $1,200 to under $400, a decline of roughly 60%.
In fact, most DeFi tokens have erased 70% to 90% of their gains since early September, as Binance’s Nov.