Mike Alfred, CEO of analytics firm Digital Assets Data, described increased Bitcoin (BTC) enthusiasm from the public amid flying prices.
“We are seeing more signs of increased institutional interest,” Alfred told Cointelegraph of Bitcoin on July 28 — the day after bitcoin rose more than $1,000 in a 24-hour period.
Bitcoin broke upward
“Volume was strong on Bakkt and CME yesterday,” Alfred said on July 27, referencing two mainstream traditional financial entities housing BTC trading products.
The analytics company CEO also noted other inquiries from the traditional financial world. “Anecdotally, we are receiving a lot more inbound requests from traditional firms looking to get into the space quickly,” he said. “I continue to be bullish,” he added.
The DeFi has also boomed
“DeFi is also a very interesting development but the real economic impact is still somewhat limited,” Alfred explained.
The decentralized finance, or DeFi, sector has seen growing interest in 2020 — at least in terms of associated asset prices. A number of DeFi assets have posted over 100% gains in 2020, often in short amounts of time.
“The DeFi-related activity is very interesting but ultimately BTC is still the ultimate barometer for the health of the ecosystem,” Alfred told Cointelegraph in a July 27 comment. “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,” he added.
The past two years have yielded a rollercoaster price ride for Bitcoin and the overarching crypto space. Matched with various legal cases, regulatory noise and project developments, the industry has hosted no shortage of action.