DeFi Market Cap Remains Modest at $300 Billion

The decentralized finance (DeFi) market has a modest market capitalization of roughly $300 billion, according to Matt Hougan. This figure is significant because it excludes Bitcoin and stablecoins, which are not part of the DeFi ecosystem.

Hougan noted that Ethereum accounts for about $200 billion of this total, after which valuations drop sharply. As a result, the entire DeFi ecosystem has a market capitalization comparable to half of Micron Technology's.

The price action on the 4-hour chart shows ETH trading at $1680.18 inside the Bollinger Bands, with the upper resistance at $1699.82 and lower support at $1611.42. The EMA50 at $1700.14 and EMA200 at $1958.0 define a bearish structure, while RSI at 54.02 stays neutral and MACD registers a bullish golden cross at -2.45.