Mike Alfred, the CEO of Digital Assets Data, the analytics firm, has described increased Bitcoin (BTC) enthusiasm from the public amidst flying prices.
On July 28, the day after Bitcoin rose more than $1,000 in a 24-hour period, Alfred said:
“We are seeing more signs of increased institutional interest.”
It has been reported by TradingView.com data that crypto’s pioneer asset had a standout day on July 27 by rising from $9,930 to $11,400 within a single daily price candle.
Digital Assets Data CEO @mikealfred says the mainstream is coming to $BTC, @benjaminpirus reports https://t.co/nq9gPn7VGm — Cointelegraph (@Cointelegraph) July 28, 2020
However, by referencing two mainstream traditional financial entities housing BTC trading products, Alfred said:
“Volume was strong on Bakkt and CME yesterday.”
He also noted other inquiries from the traditional financial world.
Alfred added:
“Anecdotally, we are receiving a lot more inbound requests from traditional firms looking to get into the space quickly. I continue to be bullish.”
Alfred further explained:
“DeFi is also a very interesting development but the real economic impact is still somewhat limited.”
Likewise, the decentralized finance (DeFi) sector has seen growing interest in 2020, at least in terms of associated asset prices, as a number of DeFi assets have posted over 100% gains in 2020, often in short amounts of time.
Alfred said:
“The DeFi-related activity is very interesting but ultimately BTC is still the ultimate barometer for the health of the ecosystem. The industry has put in a ton of work over the last two years and it finally feels like we’ve ‘earned’ sustainably higher prices in the underlying assets.”
Thus, the past two years have yielded a rollercoaster price ride for Bitcoin and the overarching crypto space.
Source: Cointelegraph | Image: Moneycontrol