Will institutions turn to stablecoins? The stablecoin market could reach $2.8 trillion by 2028. This is stated in a report by Bernstain, and more and more players are looking to turn to stablecoins. Yesterday, US inflation settled around 3.2%, which is below expectations. However, the price of BTC did not take advantage of this to return above 30,000 dollars.
Bitcoin price stagnates in 24 hours
Bitcoin moves above $29,000but he can’t break through the wall located at 30,000 dollars. The price shows a slight decrease in 24 hours :
Bitcoin price shows a fall of almost 4% in one month. On the other hand, in three months, the price shows a 10% increase. The BTC/ETH pair stalled for a weekand displays a drop of more than 2% in one month.
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The DeFi sector outperforms the price of Bitcoin
Since the beginning of the year, the Bitcoin outperforms most cryptocurrencies including Ethereum and the DeFi sector. According to data from The Block, Bitcoin is showing a increase of nearly 80% whileEthereum shows 55% increase. For its part, the sector of DeFi is up almost 30%. However, it seems that the situation has been changing in recent weeks:
If the price of Bitcoin continues to outperform Ethereum, this is no longer the case for DeFi. Indeed, since July, the sector shows a significant increaseAnd again outperforms the king of cryptocurrencies. In this sector, we find altcoins like Uniswap (UNI), Aave (AAVE), Lido DAO (LDO), Curve (CRV) or Compound (COMP). Is Bitcoin giving way to altcoins?
Bitcoin price freezes again at $30,000
Yesterday, buyers once again tried to break the resistance at $29,800. The sellers have shown up, and the price is taking a new resistance failure :
To find colors, the course will have to resume this level as support. In this case, the price would return within the ranges between $29,800 and $31,500. The price would then have the possibility of attacking once again the resistance at $31,500. If the level holds and the sellers prevail, the price could then return to the level of the bracket at $28,500. The RSI is moving above a bullish trendline and mark troughs and ascending peaks. THE buyers recover the momentum in 4H since the end of July.
Bitcoin has been attracting capital since the beginning of the year, but it seems to be losing ground against the DeFi altcoins. Is this underperformance temporary? Altcoins could benefit from a range in Bitcoin price. For BTC, it will be necessary to maintain the support at $28,500, and resume the level at $29,800 as support.
Closer to Bitcoin news
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