Bitcoin continues its upward trend, reaching a new high for 2020 with a value close to $11.300 USD, while DeFi ecosystems continue to experience explosive growth with more than $3.600 billion in locked value.
There is a lot of positive news in the air for the crypto ecosystem. For example, a second round of monetary stimulus is coming in the United States and Europe, American commercial banks will begin providing custody services for cryptocurrencies. cryptocurrencies, , the ecosystems DeFi experience an incredible boom and gold breaks the $1.800 USD barrier, reaching a new all-time high above $1.940 USD per ounce.
The confirmation of all this news is having a positive and bullish influence on the liquidity markets and on the prices of Bitcoin, as well as in the prices of several other cryptocurrencies such as Ethereum, which also reached a new value above $320 USD. Undoubtedly, the new round of stimulus, the new gold price and everything else, are important factors that are moving investors, directing many of them towards Bitcoin and pushing its price above $11.000 USD.
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Bitcoin hits new high so far in 2020
At the time of writing, Bitcoin's price suffered a slight setback in value, standing at $11.186 USD, a reduction of just 0,9% in its price.
Source: CoinMarketCap
However, traders and experts confirm an upward trend for the market-leading cryptocurrency, which may even surpass the $12.000 USD barrier in a short time.
The big move that everyone was expecting from Bitcoin was for it to break through the $10.500 USD resistance levels, a fact that recently occurred with an increase of approximately 12% over the past few days. When Bitcoin broke the $10.500 USD barrier, Keith Wareing, a well-known Bitcoin trader and investor, expressed on his Twitter account that the price of Bitcoin could move quickly, and that is definitely what is happening.
Upbeat investor sentiment is pushing Bitcoin to a new 2020 high after facing a lull in volatility over the past few months.
DeFi ecosystems also reach new highs
The total value locked in DeFi platforms exceeds $3.600 billion, a new record for decentralized finance, according to data revealed by DeFiPulse. Likewise, the metrics and analysis platform shows that the market is led by MakerDAO, which also surpassed its peak with more than 1.000 billion dollars on its platform, a growth of 4,83%. While the second place continues to be for Compound, which is recovering from a recent fall with a total of 782,6 million dollars and a new growth of 8,33%.
Source: DeFi Pulse
For its part, although Aave was ranked number 3 among the most used DeFi platforms, DeFi Pulse shows a drop of 20,26% for this project; therefore, as of the date of this publication, it occupies the fourth place, giving up the number 3 position for the platform Synthetix which has a total of 422,5 million dollars blocked.
The price of Ether (ETH), the second largest cryptocurrency worldwide, is not far behind either. As of the date of this publication, ETH is worth $324,6 USD; a value that also represents a new high for this cryptocurrency so far in 2020.
Source: CoinMarketCap
The launch of the new multi-client testnet for the Ethereum 2.0 upgrade is estimated to be one of the most influential factors on the price of ETH, as well as the rise of DeFi and the decision of US banks to accept cryptocurrencies in their services.
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