The cryptocurrency market has been stuck in a rut for quite some time now, with most of its major cryptos choosing to consolidate their positions. In fact, Bitcoin, the worlds largest cryptocurrency, has been noting a kangaroo market of sorts, one wherein it has been jumping between its immediate resistance and support.
- Advertisement -
This trend in the Bitcoin, and by extension, the larger crypto-market, became visible after Bitcoins halving in May. According to data collated by Santiment Network, the trading volume of Bitcoin declined by a whopping 75% from $106 billion to $26 billion.
- Advertisement -
The fall in on-chain metrics was not just visible in Bitcoin, but other prominent large-cap cryptos like Ethereum [ETH], Bitcoin fork-Bitcoin Cash [BCH], and Litecoin [LTC] as well, with all of them noting a falling trading volume.
After taking the past months values into account, it can be observed that the crypto-ecosystem lost 24% of the trading volume.
On the contrary, for DeFi, it seems like summer is around the corner.
The Decentralized Finance [DeFi] space has been built on Ethereum, so the crypto has been lucky to share the growth via its extended Ethereum ecosystem. According to data, over the past month, DeFi tokens trading volume has surged by 98%. With the crypto-market devoid of much volatility, all roads seem to be leading to DeFi.
Here, it is interesting to note that this shift in interest took place in two waves one happening in May and the second one following in early-June.
The DeFi summer has 38 tokens, all of which have contributed greatly to the progress noted by the space this year. Projects like RenBTC [REN], Bancor Network Token [BNT], EthLendToken [LEND], Synthetix [SNX], KAVA, etc. have been especially notable for their contribution towards reversing the prevailing trend in the DeFi space.
Another interesting observation is that DeFis growth isnt based on speculation. These DeFi tokens exponential growth was supported by strong fundamentals, suggesting that the growth was organic.
However, might this just be a phase for traders to cash in their profits, as they did during the ICO craze? Here, it is important to note that the growth in new addresses on DeFi did not stem from any increase in the coins utility. In fact, there have been doubts within the crypto-community about the creation of a DeFi bubble. Alas, it cannot be said with any certainty how the platform will evolve in the future.
Right now, the crypto-market may have to wait for volatility to creep in and shake up the dull market. Until then, the traders seem to have found some relief in DeFi.
Read more here:
DeFi's bright summer is putting crypto-assets in the shade - Digital Market News
- Bitcoin Cash: Why It's Forking the Blockchain And What That ... - January 26th, 2018 [January 26th, 2018]
- Bitcoin Cash: Peer-to-Peer Electronic Cash (BCH) - January 29th, 2018 [January 29th, 2018]
- Bitcoin Cash Definition | Investopedia - January 31st, 2018 [January 31st, 2018]
- Bitcoin Cash: The New King of Cryptocurrency? | Investopedia - January 31st, 2018 [January 31st, 2018]
- What is Bitcoin Cash? - January 31st, 2018 [January 31st, 2018]
- Bitcoin vs. Bitcoin Cash: What's the Difference ... - February 12th, 2018 [February 12th, 2018]
- Why Bitcoin Cash Is Not Bitcoin [BTC vs. BCH - Differences ... - March 24th, 2018 [March 24th, 2018]
- What is Bitcoin Cash | Learn about Bitcoin Cash - June 21st, 2018 [June 21st, 2018]
- What is Bitcoin Cash? BCH vs Bitcoin | CoinCentral - July 6th, 2018 [July 6th, 2018]
- Bitcoin Cash (BCC) : Everything You need to know about ... - July 22nd, 2018 [July 22nd, 2018]
- Bitcoin Cash, Litecoin and Ripple Daily Analysis 20/07/18 - July 29th, 2018 [July 29th, 2018]
- What is Bitcoin Cash? - cointelegraph.com - July 29th, 2018 [July 29th, 2018]
- How to Claim Your Bitcoin Cash and Sell it for Bitcoin ... - August 2nd, 2018 [August 2nd, 2018]
- Robinhood Adds Bitcoin Cash & Litecoin Trading, Will ... - September 18th, 2018 [September 18th, 2018]
- Bitcoin Cash: Peer-to-Peer Electronic Cash (BCH) - reddit - October 7th, 2018 [October 7th, 2018]
- Bitcoin Cash (BCC) price, rating, news, and analysis ... - November 1st, 2018 [November 1st, 2018]
- Bitcoin Cash | The best Bitcoin can be. - November 1st, 2018 [November 1st, 2018]
- Bitcoin Cash (BCH) Price, Chart, Info | CoinGecko - November 19th, 2018 [November 19th, 2018]
- 'Real Risk': Blockstream Exec Warns Over Bitcoin Cash 51 ... - November 19th, 2018 [November 19th, 2018]
- Is Bitcoin ABC Really Winning the Bitcoin Cash "Hash War ... - November 19th, 2018 [November 19th, 2018]
- Bitcoin Cash: ABC Futures Cross $300 in Hard Fork Aftermath - November 19th, 2018 [November 19th, 2018]
- Top 11 Best Bitcoin Cash Wallets (BCH) to Store Bitcoin Cash ... - November 19th, 2018 [November 19th, 2018]
- Bitcoin Cash vs. Bitcoin | The Pros and Cons - CoinCentral - December 27th, 2018 [December 27th, 2018]
- Bitcoin Cash is 41.7% Up, Will the Upside Momentum Sustain? - December 27th, 2018 [December 27th, 2018]
- Bitmain Fires Entire Bitcoin Cash Development Team: Report - December 31st, 2018 [December 31st, 2018]
- Best Bitcoin Cash Wallets (BCH): Free Money For Every ... - March 21st, 2019 [March 21st, 2019]
- Litecoin & Bitcoin Cash Fuel Staggering $33 Billion Crypto Rally - April 9th, 2019 [April 9th, 2019]
- Bitcoin Cash Has Nearly Doubled Since Monday - forbes.com - April 9th, 2019 [April 9th, 2019]
- Bitcoin Cash, Litecoin And Dogecoin Bulls Aim Higher Despite ... - April 9th, 2019 [April 9th, 2019]
- Bitcoin Cash, Tron (TRX), BNB, LTC & EOS Could Continue To ... - April 9th, 2019 [April 9th, 2019]
- Bitcoin Cash Futures Volumes: A Prelude to the Recent BCH ... - April 20th, 2019 [April 20th, 2019]
- Bitcoin Cash (BCH) Downside Thrust Underway Before Sharp ... - April 20th, 2019 [April 20th, 2019]
- SBI Delists Bitcoin Cash | Keeps Support for Bitcoin SV - April 20th, 2019 [April 20th, 2019]
- Bitcoin Cash: Where BCH Stands the Day after the Hard Fork - April 20th, 2019 [April 20th, 2019]
- Crypto Market Near Turning Point: BNB Up 10%, Bitcoin Cash ... - April 20th, 2019 [April 20th, 2019]
- Crypto Market Wrap: Bitcoin Cash (BCH) Leading $6 Billion Surge - May 9th, 2019 [May 9th, 2019]
- Crypto Investing in the 2020s - FXStreet - October 16th, 2019 [October 16th, 2019]
- Latest cryptocurrency news and prices, 16 October 2019 - The South African - October 16th, 2019 [October 16th, 2019]
- More than 87% of Global Virtual Asset Trading Now Traceable with CipherTrace - Business Wire - October 16th, 2019 [October 16th, 2019]
- More than 87 per cent of global virtual asset trading now traceable with CipherTrace - HedgeWeek - October 16th, 2019 [October 16th, 2019]
- Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH) Price and Analysis Will the Bulls Maintain the Unbeatable Trend? - NullTX - October 16th, 2019 [October 16th, 2019]
- Ex-CEO of Google Africa: Bitcoin a Gift That Will Change Humanity - Cointelegraph - October 18th, 2019 [October 18th, 2019]
- 10 of the Best Telegram Crypto Channels - Bitcoin News - October 18th, 2019 [October 18th, 2019]
- Coinbase, Cash App, Remain Top Rated Places To Easily Buy Bitcoin - newsBTC - October 18th, 2019 [October 18th, 2019]
- Talking Money: The rise and fall and rise again of cryptocurrencies - The Scotsman - October 18th, 2019 [October 18th, 2019]
- The Crypto Daily Movers and Shakers -16/10/19 - Yahoo Finance - October 18th, 2019 [October 18th, 2019]
- CipherTrace adds support for over 700 crypto assets, including bitcoin cash, ether and tether - Yahoo Finance - October 18th, 2019 [October 18th, 2019]
- Binance.US Allowed USA Users To Buy Bitcoin with Debit Cards - Bitcoinik - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin and Altcoins Sighting Next Significant Break - Cryptonews - November 2nd, 2019 [November 2nd, 2019]
- Anonymous Bitcoin Price Prediction Finally Poised to Fail - BeInCrypto - November 2nd, 2019 [November 2nd, 2019]
- Bitwage Allows Companies in the EU, UK and US to Pay Wages in Bitcoin Cash - Inside Bitcoins - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash Price Changed by -2.38 percent - ICO Brothers - November 2nd, 2019 [November 2nd, 2019]
- The Crypto Daily Movers and Shakers -01/11/19 - Yahoo Finance - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash Retraces and Attempts to Retest the Previous High of $300 - Coin Idol - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash more vulnerable to timestamp manipulation than Bitcoin: BitMEX Research - AMBCrypto - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash, NEO and XRP Price Prediction and Analysis for October 29th - NullTX - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash First Halving Countdown Begins, To Happen in May 2020 - Coinpedia - November 2nd, 2019 [November 2nd, 2019]
- The resolution of the Bitcoin Cash experiment - CoinGeek - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash's Q3 performance was horrid here's what happened - The Next Web - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin and Altcoins Topside Bias Vulnerable - Cryptonews - December 4th, 2019 [December 4th, 2019]
- Bitcoin Cash Price Changed by -0.4 percent - ICO Brothers - December 4th, 2019 [December 4th, 2019]
- SoFi gets New York BitLicense, set to offer crypto trading in the state - Decrypt - December 4th, 2019 [December 4th, 2019]
- Bitcoin and Altcoins Gaining Bearish Momentum - Cryptonews - December 4th, 2019 [December 4th, 2019]
- Bitcoin Cash Price Changed by -0.01 percent - ICO Brothers - December 4th, 2019 [December 4th, 2019]
- Bitcoin Cash Price Changed by -1.04 percent - ICO Brothers - December 4th, 2019 [December 4th, 2019]
- Bitcoin Cash ABC, Litecoin and Ripple Daily Analysis 04/12/19 - Yahoo Finance - December 4th, 2019 [December 4th, 2019]
- Moon Cash | Free bitcoin cash faucet - December 4th, 2019 [December 4th, 2019]
- Altcoin apocalypse the dramatic fall of XRP, Bitcoin Cash and ZEC - Born2Invest - December 7th, 2019 [December 7th, 2019]
- The Crypto Daily Movers and Shakers -07/12/19 - Yahoo Finance - December 7th, 2019 [December 7th, 2019]
- Bitcoin's bumpy revolution may be only just beginning - The Independent - December 7th, 2019 [December 7th, 2019]
- Early BTC Investor Roger Ver Says Bitcoin Cash Set to Skyrocket A Thousand Times From Where It Is Now - The Daily Hodl - December 7th, 2019 [December 7th, 2019]
- Bitcoin Cash Price Analysis - Will The Uptrend Continue Above $212? - KryptoMoney - December 7th, 2019 [December 7th, 2019]
- Award-Winning Bay Area Nonprofit Now Accepts Bitcoin, Bitcoin Cash, and Ethereum Donations through BitPay - Send2Press Newswire - December 7th, 2019 [December 7th, 2019]
- Understanding the distribution of the crypto market: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Cardano - FXStreet - December 7th, 2019 [December 7th, 2019]
- Open Positions Report: Where's the money in the crypto market? Bitcoin, Ethereum, Litecoin, Bitcoin Cash - FXStreet - December 7th, 2019 [December 7th, 2019]
- Bitcoin Cash Price Analysis: BCH/USD ruthless bears gnaw the price towards $200 - FXStreet - December 7th, 2019 [December 7th, 2019]
- Bitcoin Cash (BCH) Bounces, a Move above $227 Increases the Prospect of a Rally - Coin Idol - December 7th, 2019 [December 7th, 2019]
- Rebranded Localcryptos Lets You Cash Out BTC Peer to Peer Minus the Hassle of KYC - Bitcoin News - January 30th, 2020 [January 30th, 2020]
- BCH Price Momentum Astounds the Traders Overnight - NameCoinNews - January 30th, 2020 [January 30th, 2020]
- Bitcoin.com Update: Dev Fund Proposal 'Will Not Go Through' Without More Agreement - Bitcoin News - January 30th, 2020 [January 30th, 2020]