It is reported that the last July became the favorable month for cryptocurrency in comparison with any July of the last eight years. The chart depicts that Bitcoin like any other Etherium blockchain originated cryptocurrencies have spurred their value. It happens due to bright expectations over DeFi perspectives.
Despite the dramatic slowdown which happened in several moments when Bitcoin lost USD 1.400, it has gained its value has surpassed USD 11.100 benchmark. Moreover, it’s been keeping track of its success because the world economy faces serious constraints caused by SARS COV-2 disease and is looking for some reliable asylum to feel safe in the future.
The situation seems to be even more complicated for the world economy and more promising for Bitcoin as the U.S. Federal Reserve System is inclined to increase the interest rates.
As for the present day, Bitcoin surpasses the traditional indexes – as S&P, for instance. The figures are evident: 56% plus for Bitcoin and 1.3% for S&P the seven months of 2020.
The same point is actual for Ether which is reputed to be the second influential cryptocurrency worldwide. It spurred by 54% in July. What concerns other tokens enlisted in CoinDesk 20 like ASDC or tether, they demonstrate a sort of stagnation which might be explained by their close ties with USD.
According to Joe DiPasquale, CEO of the cryptocurrency hedge fund BitBull Capital, stablecoins, on the other hand, stand on positive trends reaching volume USD 12 billion for their rates are generally grounded on goods like oil&gold or on other currencies than USD, so, they practically might be regarded as a proper investment subject to reimburse some potential losses.