Bitcoin’s price stays still in the following weeks after the most recent crash and the rest of the DeFi coins are booming as well. In our latest Bitcoin news, we can see that the price of the number one cryptocurrency is doing well after the crash.
At just a level of $10,468, the price of BTC is well above the $10,000 level for the fifth day in a row according to the data analytics center Messari. The traders are still remaining patient after the Bitcoin’s price jumped off a cliff and gained confidence at the start of the month. It fell from $12,000 on September 1 which is the highest price since August 17 when it hit $10,000. It’s also the same for other coins. ETH increased by 2.94% over the past day while XRP increased by 2.34% and Chainlink by 1.39%. the few coins that increased massively are the Binance coin or BNB which jumped by 15.37% over the past day and Polkadot which also increased by 14.41%.
The DeFi coins, on the other hand, are quite volatile so this is where the action is now. the traders poured in about $8 billion into DeFi protocols according to Defi pulse in the past three months. YFI for example, as a governance token that powers yearn.finance increased by 21% and hit highs of $41,000. This is quadriple of the price of Bitcoin from its all-time high. While there are about 18 billion BTC and just 30,000 YFI in circulation, the coin’s creator Andre Cronje aims to keep the things this way. YFII, the spin-off of YFI increased by 56% according to the CoinMarektCap site, to $6080.
Both bulls and bears have arguments for their cases right now as the bulls believe that BTC holding this level will lead to a high chance of increase, while the bears believe that more losses in the momentum legacy markets will suppress Bitcoin. One Binance trader believes that Bitcoin is primed to move higher. He joined others in saying that BTC could hit $20,000 resistance around the end of the year according to his posts on profitable trades. He is clearly the leading trader on Binance’s futures exchange. The digital asset manager Logan Han believes that BTC is primed to recover as opposed to retracing lower.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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