Bitcoin attempted to conquer the $9,300 but to no fruition. The price pulled back and failed to breach the level. Meanwhile, the DeFi market continues to boom, with numerous projects marking double-digit daily increases.
Bitcoin Price Fails at $9,300
Bitcoin didn’t manage to claim $9,300 yesterday and has since retraced to its current trading level at around $9,200.
As CryptoPotato reported, this is a vital level to watch in the short-term and should provide a good indication of how confident buyers are in the market right now. As of yet, it appears that confidence is slim.
As such, there are currently a handful of significant support levels to watch out for down the line, that could provide certain opportunities for a rebound. The first one is approximately at $8,965, and this is where buyers can potentially recover. Below that, it’s essential to consider the 100-days EMA, which sits at around $8,850.
On another note, despite the current indecisiveness, Bitcoin’s price closed its third-best Q2 in history, charting gains of about 42% over the period. It also outperformed a lot of legacy market participants, including the S&P 500, Crude Oil, Gold, and the US Dollar.
DeFi Market Booms
While Bitcoin is seemingly stagnating, the market for Decentralized Finance continues to expand. Many small-cap projects are popping in the past couple of days.
Just a few days ago, Changpeng Zhao, CEO at the world’s leading exchange, Binance, announced that CoinMarketCap – the data aggregator that Binance acquired a few months ago, devised a dedicated section for the DeFi market. This makes it considerably less challenging to track the price performance of different altcoins in the field.
#DeFi 👀https://t.co/OVX5nltcfD
— CZ Binance 🔶🔶🔶 (@cz_binance) June 30, 2020
Notably, there are quite a bit of projects that are marking double-digit increases. These include Kyber Network (KNC) with 18.5%, Synthetic Network (SNX) with 23.15%, Aave (LEND) with 13.4%, Bancor (BNT) with 23.9%, Loopring (LRC) with 13.5%, and so forth.
Meanwhile, data from Defi Pulse shows that the total value locked in DeFi protocols is now over $1.7 billion, up more than $700 million in the past 15 days alone.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
