Prize money Bitcoin (BTC) opened over the weekend in the $ 33,500- $ 32,000 range, but at time of writing, the digital asset is struggling to hold more than $ 32,000.
Few analysts have warned that the recent decline in speed prices could be a sign of “institutional fatigue” due to increased selling pressure from Asia since January 19.
Despite the current downward trend in bitcoin, some institutional investors are sticking to their predictions that the bitcoin price will hit $ 100,000 by the end of 2021. This indicates that organizations are encouraged by growing investor sentiment and new Bitcoin ETF offerings. …
While Bitcoin is still facing resistance at $ 33,000, network analyst Willie Wu sees potential positive development for BTC. Wu said that bitcoin profit ratio (SOPR), a calculation that shows the profitability of BTC by dividing the price sold by the price paid, “fell.”
According to Wu, it was:
Full SOPR reset in chain. Currencies moving between investors on an hourly basis (24-hour moving average) no longer generate average returns. To lower the SOPR, investors had to be willing to sell at a loss. ”
Wu also suggested that investors are less likely to sell at a loss, which is an early sign that Bitcoin may be close to bottoming out.
Altcoins and DeFi tokens float
DeFi coins and altcoins continued their journey as Bitcoin sought support. Polkadot (DOT), AAVE, Curve DAO Token (CRV) and Sushiswap (SUSHI) add up to roughly 5% to 7%.
The rise in the value of several DeFi-related tokens has been the result of increased DEX activity. Dune Analytics data shows that monthly DEX volumes have increased since July 2020, and the total value recorded on DeFi is currently $ 23.89 billion.
Chainlink (LINK) continued its explosive growth, establishing a new lead of $ 25.50 and overtaking Litecoin (LTC) in total market cap, becoming the seventh largest project listed on CoinMarketCap. Aave’s price also hit a new permanent high of $ 229.39, with a total installed platform worth $ 3.44 billion.
The total market capitalization of the cryptocurrency is now $ 936.8 billion, and the dominance of Bitcoin is 63.5%.