Tezos (XTZ), Synthetix (SNX) and Yearn.finance (YFI) lead the DeFi revival

The strength of Bitcoin’s (BTC) uptrend appears to be growing as the top-ranked digital asset soared above $40,000 earlier today. It’s probably safe to say that many investors are completely astounded by the fact that BTC has doubled its value only a month after breaking through the $20,000 mark.

This suggests that the buying has continued unabated, signaling strong demand at every higher level. This bullish sentiment has pulled several altcoins higher with the total crypto market capitalization extending above $1 trillion.

Crypto market data daily view. Source: Coin360

As most altcoins have only recently started participating in the rally, they may run up vertically in the short-term. The melt-up phase is one of the best opportunities to make quick returns, but it is also risky because a vertical rally tends to turn down quickly.

The tokens chosen today are in the early stages of their rally and may have room to run on the upside. Let’s look at their fundamental developments and chart structure to determine the trend and possible target upside targets.