DeFi Activities on the Bitcoin Network Recording Decent Growth
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According to reports, the steady growth of DeFi on Bitcoin has given the network a more competitive edge against other blockchain ecosystems. The BTC network has recorded a notable influx of Layer-2 and Layer-3 projects, like Portal and DeFiChain. This comes even as Bitcoin has slowly lost market dominance in the crypto space over the past months.
Portal is a self-hosted Layer-2 wallet and decentralized exchange (DEX) on the BTC network. The protocol promises to offer asset issuance, swaps, and staking, among several other features.
Meanwhile, DeFiChain is a hard fork of the Bitcoin network that offers users access to DeFi services coupled with the fabled security of Bitcoin.
Compared to other booming blockchain ecosystems like Ethereum, Cardano, and Solana, Bitcoin is significantly new in the DeFi space. Because Bitcoin’s core network is not readily compatible with smart contracts, it relies on Rootstock (RSK) and Stacks to supplement such functionality. Rootstock is a BTC sidechain that serves as a smart contract network for instant payments and higher scalability of DApps.
With support from all the DeFi projects mentioned and more, many believe that BTC stands a real chance in the DeFi industry, creating an avenue for long-term BTC holders to benefit from passive revenue streams.
Key Bitcoin Levels to Watch — July 5
Bitcoin took advantage of the US July 4 holiday on Monday, making a push for the $21K resistance. However, this attempt was cut short near the $20.5K level amid the lack of meaningful bullish activity (buying), as trading volume remained flat.
Regardless, the benchmark cryptocurrency began the new month on a positive footing setting a bullish expectation for July. However, this bullish projection is not expected to manifest anytime soon as I foresee a persistent choppy pattern between $21K and $19 in the coming days.
Meanwhile, my resistance levels are at $20,000, $21,000, and $22,000, and my key support levels are at $19,000, $18,000, and $17,000.
Total Market Capitalization: $885 billion
Bitcoin Market Capitalization: $374.2 billion
Bitcoin Dominance: 42.2%
Market Rank: #1
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