Mike Alfred, Managing director of the analysis company Digital assets data, He described the growing public enthusiasm for Bitcoin (BTC) at high prices.
“We see more signs of greater institutional interest” Alfred told Cointelegraph about Bitcoin on July 28. The day after Bitcoin rose by over $ 1,000 in 24 hours.
The pioneering cryptocurrency asset had an exceptional day on July 27. from $ 9,930 to $ 11,400 within a single daily candle, based on TradingView.com data.
“The volume in Bakkt and CME was strong yesterday,” he said. Alfred said referring on July 27th to two traditional financial companies that host commercial BTC products.
The analysis company’s CEO also highlighted other inquiries from traditional finance. “As an anecdote, we get a lot more incoming inquiries from traditional companies who want to enter the room quickly,” said. “I’m still optimistic,” added.
The DeFi ecosystem has also grown
“DeFi is also a very interesting development, but the actual economic impact is still somewhat limited,” Alfred explained.
The decentralized financial sector (DeFi) saw growing interest in 2020, at least with regard to the associated asset prices. Various DeFi assets made more than 100% profit in 2020, often in very short periods of time.
“DeFi-related activities are very interesting, but ultimately BTC remains the ultimate barometer of ecosystem health.” Alfred said to Cointelegraph in a comment on July 27th. “The industry has worked hard over the past two years and it seems that we have” deserved “sustained higher prices for underlying assets.” added.
The past two years have been a roller coaster ride on the price of Bitcoin and for the crypto space in general. Simultaneously with various legal cases, regulatory noise and project developments, the industry has taken a variety of measures.