Aave Crypto Surges Past $175 Amid Rising Treasury Yields

Aave's cryptocurrency surged by over 17% on September 29, breaking through its previous highs and reaching above $175.

This rally comes despite US Treasury yields rising to north of 5%, a significant challenge for the DeFi space as investors may question whether lending stablecoins through blockchain platforms is worthwhile when government bonds offer similar returns with lower technical and market risk.

Aave had been steadily climbing since mid-August, crossing key price levels at $120, $140, and $150 before reaching its current price above $175.

The chart shows that Aave's recent rally has built on a strong foundation of buying power, with the cryptocurrency trading above its major price averages in both short- and long-term periods.