The cryptocurrency industry has seen significant positive developments this year despite the tumultuous economic state driven by the ongoing global pandemic. That being said, none have seemingly benefitted from it more than Bitcoin (BTC) and DeFi. These past few months, both have experienced a bullish increase in market value and general interest.
As per the recent market data provided by TradingView, Bitcoin reached $11,332 per BTC last July 31. That is an estimated 2% increase from its previous value the day before. The leading crypto’s market value then flirted around the $10,965 – $11,550 range within 24 hours. This continual success for Bitcoin, which has been going on for several weeks now, gives off positive signals for the future of the crypto, according to market experts.
The DeFi sector wasn’t far off as well. In fact, they might have experienced more successes than that of Bitcoin. Ether (ETH), the crypto just behind BTC in market capitalization, also climbed up significantly in value at the same time as its adversary. The current second-largest crypto experienced a 3.2% surge, which put its market value per ETH at $354.
Even more than Bitcoin, DeFi has been experiencing breakthroughs over breakthroughs within the past few months. Just recently, the sector’s total value skyrocketed by more than 300%. According to DeFi Pulse, DeFi’s $1 billion market value from June 1 has jumped to over $4 billion.
Going into the specifics, within the span of two months, the total committed Bitcoin, Ether, and Stablecoin in DeFi have grown significantly. Bitcoins locked in the sector grew four-fold (from 4,985 BTC to 20,830 BTC), Ether surged by over 60% (from 2.6M ETH to 4.2M ETH), while Stablecoins jumped by an impressive 19% (from 360M to 439M).
Industry experts expect this trend to continue. This is because people are now starting to recognize the actual value of cryptos after experiencing several persisting issues regarding the current monetary systems.