The crypto world is going through one of the most interesting moments in its history. Not only thanks to the price of Bitcoin or the increased adoption of cryptomonies. But also because of the rise of decentralized finance (DeFi) and the entry of millions of dollars into the crypto market. Therefore, today in CryptoTrend we bring you eight charts to understand the crypto market.
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The Bitcoin Market
The first graph to understand the situation of the crypto market is the Bitcoin price. This is because, despite the fact that at this moment the BTC market is not the priority for crypto users. The price of crypto currency is always a good indicator of where the world of cryptoactives is heading.
The price of Bitcoin has tried in recent weeks to overcome the US$ 12,000 barrier on several occasions, so far without success. At the moment of writing, the BTC is being negotiated at around US$ 10,250.
Bitcoin vs. fiat money
But, considering that Bitcoin’s primary goal is to become the replacement for fiat money. Perhaps the most interesting graph to analyze the development of its price in the crypto market is to see its relation with the most important fiat currencies in the world, such as the US dollar, the Japanese yen, the Korean won and the euros.
Thus, by looking at the graph that relates the price of BTC with these currencies, we can see a substantial increase in the value of cryptomoney against fiat money. This has remained constant since March.
Yearn.finance and the DeFi boom
However, as we explained, right now the price of Bitcoin System is not what keeps the crypto community on edge. Although the development of crypto currency is always attracting a lot of attention, crypto users are currently looking at another market: decentralized finance.
In recent months, DeFi have experienced an exponential increase in their capitalization. This has led to dozens of projects radically increasing their market value in just a few weeks. This has allowed even a new DeFi product like yearn.finance to achieve better performance in the crypto market than Bitcoin in just a few days.