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Bitcoin Markets Surge As DeFi Markets Experiences Decline

Renowned experts and analysts in the crypto space have continued to shower accolades on bitcoin as the coin continues to record a price surge in the face of the recent DeFi decline.

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Over the weekend, we witnessed popular investments backing their bitcoin support up by snapping up stakes in the leading digital asset. Michael Saylor was the first of such people as his company, MicroStrategy, bought Bitcoin worth $425 million.

In an interview with Real Vision, a financial news outfit, the CEO said he was always worried that his firm is not buying enough Bitcoin. “If it’s not 100 times better than gold, it’s a million times better than gold, and there’s nothing close to it,” the CEO said.

Bitcoin and its hard forks experience surge in the last few months

Major financial powerhouses have likened bitcoin to things like wines, whisky, and watches, but this does not mean everyone follows that view.

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Another influential figure that has heaped praises on Bitcoin is a famous musician, Kanye West. He was a guest on Joe Rogan’s podcast, where he told the viewers that bitcoin traders know what true liberation of America and humanity will be.

Notably, Bitcoin’s price has been moving at a steady course, with the digital asset just losing 0.06% in the last 24 hours.

With Bitcoin returning massive benefits in the last few months, the best part of the crypto market is the performance of the hard forks of Bitcoin in the market. The digital assets in question are Litecoin, Bitcoin SV, and Bitcoin Cash.

Over the last few months, Litecoin has witnessed a price increase of 25%, while Bitcoin Cash has gone up about 21%. Bitcoin SV looks like the least performing asset but has recorded a rise of about 10% in the past few months.

DeFi markets witness a decline in weekly volumes

While Bitcoin and its hard forks have had a swell time in the market, the same cannot be said for projects in the Decentralized Finance sector. Market volumes on the Ethereum based decentralized exchanges have hit rock bottom this month.

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According to Dune Analytics, trading volume has gone down by 41% in the last 30 days. Decentralized exchanges witnessed their highest weekly trading volume when trade peaked at $8 billion.

Since then, things have taken a downward trend with weekly trading volume as of October 12, recorded to be about $3 billion. This data means that the sector has witnessed a weekly volume decline of about 62% since it peaked.

Giving their review of the market, and AAX spokesperson said, “Decentralized exchanges were the gateways to the DeFi market. Now that the crazy yields have disappeared, the markets are correcting to lower levels of activity.”

The downturn witnessed by the DeFi market is nothing compared to that of the fiat market as the majority of the projects in the market have recorded a decline run due to the coronavirus outbreak. The latest confirmed cases in the United States are coming from the White House as several Vice Presidents tested positive for the virus.

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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