According to Messari, the total market capitalization of DeFi is $11.5 bln and surpasses that of XRP, which was $10.26 bln amid the recent sell-off in the cryptocurrency market and the US Securities and Exchange Commission (SEC) lawsuit against Ripple.
Popular DeFi assets such as UNI and MKR have experienced tremendous growth alongside Bitcoin and the launch of ETH 2.0. The crypto community suggests that Bitcoin's bullish growth has led to a migration of profits to DeFi. Many analysts also agree that the DeFi industry is likely to continue to grow in 2021, beyond the phenomenal performance in 2020.
Meanwhile, for Ripple and XRP, the year did not start well. The SEC filed a lawsuit against Ripple in late December 2020. As a result, the price of the asset dropped significantly. Prior to the lawsuit, XRP's market capitalization was roughly $30 bln.