The crypto market awoke at the end of July and allowed Bitcoin (BTC) and other cryptocurrencies to reach their highest prices in months. Bitcoin price was able to break very significant resistance levels, and many analysts think it may continue to rise in the coming months.
Bitcoin Price and Awakening of Altcoins
The current Bitcoin price is at $ 11,578 on Coinbase, one of the largest exchanges on the market. The digital currency currently attracts many investors and users who want to profit from the current bull market, which started in the sector.
This time, there are a few altcoins that follow the Bitcoin price and are higher. Investors think that, although the risk of holding altcoins is high, some will surely jump out in the coming months. According to CoinMarketCap, all of the top 10 altcoins earned money in the last 24 hours.
Ethereum (ETH), XRP and Litecoin (LTC) are among the most used digital assets in the past few hours. All of them operate with the entire crypto market, reaching their highest prices in a few months.
Some altcoins are getting higher against Bitcoin, which shows that these digital assets can grow even faster than the most popular cryptocurrency in the world. The market volume is also growing, indicating that there are more users trading cryptocurrencies than a few days ago when the volume was at its lowest in a few months.
Despite speculation on the market, Bitcoin is also a great tool for decentralized money transfer across borders. Considering that this is an impossible thing until Bitcoin was invented is crucial.
It also began to be seen as a store of value when currencies such as Bitcoin, the US dollar, and EM currencies previously had problems.
Bitcoin is the most dominant and valuable DeFi application
— Pomp 🌪 (@APompliano) August 1, 2020
The same goes for Ethereum. The Decentralized Finance (DeFi) market continues to expand and attract more users and people. Traders and investors can get high returns from their investments when they put their funds in DeFi solutions. However, the market is still very young and there may be many issues that can have a negative impact on the market.