In general, this August 2020 was a brilliant month. Previously, for Bitcoin, only two other times the hottest month of the year ended positively, in 2013 and 2017. These are two years that have driven the strongest increases in the last quarter of the year (+730% in 2013; +210 in 2017).
These performances embarrass the good gains of other important financial assets (S&P500 +8%; Gold +28%), in a particular period of our history that only a few months ago seemed to have cancelled any possibility of redemption after the rubble left in March, recording one of the darkest periods of the last century for all financial markets.
Among the Big Only Tron (TRX) does better than Ethereum with a rise above 13% from yesterday morning’s levels.
Total capitalization is close to $390 billion, the highest peak since May 2018. This is largely due to Altcoin, with the queen – Ethereum – aiming over 13.5%, the highest market share since August 2018. Ripple remains at 3.4%.
DeFi eats Sushi
The podium of the day was won by Sushi with a jump of over 130%. The Sushi token, an evolution of the DEX (decentralized exchange) of Uniswap, a few days after the launch, or rather the fork, and after a heavy start, in the last two days has seen prices jump more than 10 times, triggering an influx of liquidity that currently makes it one of the most important applications in DeFi.
DeFi is the catalyst for the attention of operators who continue to pour liquidity into more and more applications. In the last few hours the total blocked liquidity (TVL) is close to $9 billion. In just two months, the tied-up collateral has increased from $2 billion to over $8 billion.
A dizzying rise that if on the one hand begins to make the wrists of many latecomers tremble, on the other hand definitively baptizes a new era for the cryptocurrency sector that after two years of suffering begins to reap the fruits of applications that have continued to pursue their projects (see Aave, Marker, Compound, Eidoo) even in times of great difficulty.
It is beginning to give some positive signals with Corona Millionaire prices rising above $11850, a level that since mid-August, twice, has rejected bullish attacks and has become a defensive area even by operators in options that in the last week have raised the barriers of protection in this area.
It becomes important to follow the evolution in the next hours of the day. A confirmation of the break will project prices towards the previous annual highs in the 12500 area and then, if confirmed, to the psychological resistance test of 13000 dollars.
Otherwise, it is necessary not to go under the $1,200 support, last time tested in the last weekend.