The $ 10,000 USD is a magical, psychological limit for many investors. Some assume that a new bull run will be heralded when this mark is reached. After a long struggle, Bitcoin was finally able to break this mark again and Ethereum also seems to be increasing inexorably. One of the reasons for this may be the hype about DeFi applications.
Bitcoin price breaks magical mark - Bullrun ushered in?
It was almost two months ago that the Bitcoin price last hit $ 10,000 USD. While many altcoins have seen high price increases in recent weeks, the Bitcoin price has stagnated so far. But that is said to have changed.
A few hours ago, the Bitcoin price was able to break the $ 10,000 USD mark that was psychologically important for many. The decisive factor here is likely to be the growing interest of institutional investors. In addition, many will have converted their alternative currency profits to the world's largest cryptocurrency.
As the following chart shows, the Bitcoin price broke the $ 10,000 USD mark a few hours ago. This was most recently achieved on June 2, but only a short time later the price fell again significantly below $ 10,000 USD. Now many hope that the Bitcoin price can hold this value and head for a new all-time high. The BTC rate has risen by 11% in the last seven days - a good start:
The all-time high of the Bitcoin price celebrated on December 16, 2017. The price then reached almost $ 20,000 USD at a time when ICOs were particularly popular. But the all-time high was followed by the big crash and the Bitcoin price dropped to $ 2019 USD in January 3,500.
Ethereum continues rally
The price rally was not led by Bitcoin, but by the second largest cryptocurrency in the world, Ethereum (ETH). It all started with the growing popularity of DeFi applications. These are largely based on the Ethereum blockchain, from which the ETH cryptocurrency will benefit in the long term.
Over the past seven days, the Ethereum (ETH) price has risen from $ 230 to $ 325. A price increase of 35%. A huge increase for a cryptocurrency that already has a market cap of over $ 36 billion USD.
The following chart shows the price rally of the cryptocurrency. An end to this trend is currently not in sight and the DeFi hype does not seem to end for the time being.
Because the DeFi market reached a value of $ 4 billion USD a few days ago. While the increase from $ 2 billion to $ 3 billion took two weeks, the growth to $ 4 billion was achieved in just four days. According to Defipulse, the DeFi market took more than 2,5 years to reach a billion USD at all.
Markus from Kryptokumpel.de
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