The Bitcoin price ranged almost between $9000 to $10000 for a long time. But, from few days ago it broke its support and showed growth. The question here is that is altcoins season going to an end?
Finally, after two months of resting, Bitcoin price saw growth. Meanwhile, the Bitcoin futures trading is getting active as well. The both aggregated interest and volume are currently at their highest since March market crash for Bitcoin futures. So, the question, which pops up here is, do these changes mean that altcoins season is coming to an end? The answer could be maybe not.
Bitcoin price growth as altcoins correct
Bitcoin market experienced an inactive period. In fact, most traders stopped trading due to no fluctuation in the price. On the other side, the altcoins market was taking plenty of actions.
Decentralized finance had a significant growth in 2020. Particularly, DeFi could hit $1 billion in total locked value in its protocols. Since that time the total locked value raised four times and now is around $3.8 billion.
However, DeFi token were not the only one that experienced major piece growth. Dogecoin (DOGE) also could have massive gain. The reason for Dogecoin price growth could be the projects like polkadot and Filecoin or even the infamous viral TikTok video. These all happened when the Bitcoin price was fluctuating between $9000 to $10000 range. Some people resemble Bitcoin to a stable coin due to lack of price fluctuation in the past two months.
Bitcoin Broke its resistance level of $10,500 and could make its biggest move this year. Meanwhile, most major altcoins experienced a price correction. These coins consist of high-performance DeFi tokens such as Maker(MKR), Aave(LEND), LINK and Compound Coin (COMP) at the beginning of this week.
The altcoin season doesn’t end so fast
Although the altcoin season have pressed a pause for now, Bitcoin is still growing. It’s notable that most of the altcoins usually follow Bitcoin pattern. They usually rise shortly after. In fact, Bitcoin price growth is good for altcoins. However, the DeFi price movement cannot be ignored. Every day we see significant growth in DeFi locked value as well as major institutional investment in DeFi.