• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

This Unexpected Metric Shows That Crypto Is in a Booming Bull Market

Nick Chong by Nick Chong
2 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

It’s been hard for some to say that crypto is in a bull market.

Despite Bitcoin rallying by over 150% from March’s $3,700 lows, it remains below crucial resistance levels at $10,500 and beyond. The same can be said about Ethereum, which has had similar trouble surmounting $250.

Yet there are some early signs that the cryptocurrency market is finally entering a bull phase. And one such sign that a prominent industry executive mentioned is rather unexpected.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Related Reading: Crypto Tidbits: Bitcoin Stalls at $9k, Cardano Shelley, Elon Musk & Ethereum

Is Crypto in a Bull Market?

If you’ve been on Crypto Twitter over the past day, you’ve likely heard of the ongoing skirmish between the decentralized finance community and the centralized finance community.

The creator of the VOIP technology and the CEO of crypto lending solution Celcius, Alex Mashinsky, has been core to this debate. On July 4th, he tweeted the following about decentralized finance protocol Compound:

“Compound is fractional reserve banking on chain. The entire world economy and the livelihood of 7.5B people are threatened by this practice and here we are propagating it instead of replacing it…How not exciting.”

Hey #DeFi!

If you look closely you will see that @compoundfinance $COMP is fractional reserve banking on chain.

The entire world economy and the livelihood of 7.5B people are threatened by this practice and here we are propagating it instead of replacing it…How not exciting.

— Alex Mashinsky (@Mashinsky) July 4, 2020

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Mashinsky has made other comments, likening DeFi’s “yield farming” to Modern Monetary Theory, a macroeconomic framework largely hated by Bitcoin proponents.

Proponents of DeFi have not taken his comments lying down, responding with their own rebuttals against his comments and Mashinsky’s company.

While this seems to be a bit of a mess, it may be a sign of a bull market.

Kain Warwick, the founder of leading DeFi protocol Synthetix, commented on the ongoing debate with an optimistic skew:

“Forget price action for a second, if there’s one metric that most clearly points to a bull market it’s internecine warfare in crypto. See blocksize debate. Now you have CeFi vs DeFi skirmishes starting up. It’s going to get crazier soon, people fight when there’s value at stake.”

Looking at the previous bull market, this is surely the case. 2017 was marked by two massive debates:

  • The debate over Bitcoin block sizes and scaling.
  • If altcoins are better than Bitcoin or deserve to have a role in the cryptocurrency industry.

Other Signs Indicate a Bullish Skew

There is a confluence of other signs also indicating that the cryptocurrency market is finally entering a bullish state.

This confluence includes the adoption of leading blockchains, which has been strongly on the rise over recent months.

Take the example of Ethereum, which has registered multiple days with over one million confirmed transactions over recent weeks. The last time the blockchain saw this level of usage was at the peak of the 2017/2018 crypto bubble.

Featured Image from Shutterstock
Price tags:
Charts from TradingView.com
This Unexpected Metric Shows That Crypto Is in a Booming Bull Market
Tags: bitcoincryptodecentralized finance
Tweet123Share215ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Can This Bitcoin Ratio Have Hints For A Bottom?

1 hour ago
Greek Artist Sends Pro-Freedom Message with Assange NFT Drop

Greek Artist Sends Pro-Freedom Message with Assange NFT Drop

13 hours ago
World Of Women, screenshot from the website

Blue Chip NFTs 101: The World Of Women Collection, Including And Conquering

19 hours ago
crypto bear

Leading Crypto Exchanges See Negative Funding Rates, Have The Bears Taken Over?

21 hours ago
bitcoin

Why Bitcoin Could Return To $28,000, But By The End Of 2022

22 hours ago
$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Don’t Miss Out On Experts’ Top Crypto Picks! Gnox (GNOX), Algorand (ALGO) And VeChain (VET) Set To Lead Bullish Market

July 2, 2022

LBank Exchange Will List DEBT on July 5, 2022

July 2, 2022

LBank Exchange Will List Metavie Token (METAVIE) on July 5, 2022

July 2, 2022

Holon (HLN) Is Now Available for Trading on LBank Exchange

July 2, 2022

LBank Exchange Will List METAFASTEST (METAF) on July 1, 2022

July 2, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.