In addition to technical factors, the news of digital currency is also encouraged. According to media reports, the total amount of funds on the decentralized financial platform (defi) has reached $4 billion today.
Currently, the top three difi platforms are maker AAVE and compound, which are locked into various contracts with funds of US $875 million, US $639 million and US $616 million respectively.
The decentralized financial sector has made great progress in 2020, with less than $1 billion locked in at the beginning of the year, according to defipulse. Decentralized finance is equivalent to the decentralized wallet of digital currency traders. The more funds are locked in, the more funds they represent participating in the transaction.
Bitcoin breaks through key resistance points
As the price of bitcoin pushed up to $10000, bitcoin successfully crossed the key resistance point of $9900, a long-term downward trend since the historic high in 2017.
In the future, bitcoin prices are likely to rise ladder like in the future - meeting resistance lines, not breaking through, breaking again, gaining support, said Michael Vande Poppe, author of cointegraph. Next, once bitcoin breaks through $10100, the price trend may accelerate.
Ethereum is far from the top
In terms of technical analysis, if you connect the high of $288.32 on February 14, 2020, and the high of $309 on Saturday, and draw a trend line through the resistance line, it is expected that Ethereum will rise to $317.
According to the analysis, Ethereum is expected to consolidate for a period of time after rising nearly 30% this week. However, if the multi hair bitcoin rebounds to the weekly closing average price, the price of Ethereum may exceed $317. If there is no upper resistance, Ethereum may soar to the peak of 2019 - US $367.
Shanzhai coins have also been driven
Today, ADA surged 21% to $0.1457, followed by LTC, which rose 12.88% to $49.47, and BNB rose 5%.
According to coinmarketcap, the total market value of the entire digital currency has reached $294.6 billion, of which bitcoin accounts for more than 60%.
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