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Bitcoin Price Set New Multi-Year High in Past 24 Hours



Bitcoin rallied to the price level of $19,348.27. It was the second time when it was trading above $19k since its inception.

Bitcoin, the mother of over 7000 crypto projects, has set a new multi-year record in the past 24-hours since the last major bull rally in 2017. According to the metrics provided by Coinmarketcap, Bitcoin rallied to trade at $19,348.27, the second time to trade above $19k since its inception. Although below the all-time high, the new Bitcoin multi-year price record has been welcomed warmly in the crypto industry.

On November 24, Bitcoin opened the day trading at $18,365.01, and gained approximately 4% as the volatility increased during the day. Thanks to increased interest from institutional investors, Bitcoin’s market cap has shot to a new record of over $350 billion. According to CoinGecko data analytics, Bitcoin has a market capitalization of $350,068,686,746, with its past 24-hour trading volume at $52,098,734,170.

Bitcoin: Bull Wave May Lead to New Price All-Time High

As the industry ushers in a new bull wave, investors are being warned of increased scams orchestrated through social media platforms. Previously, Ripple CEO Brad Garlinghouse highlighted the plight of crypto investors in the ongoing rally.

“As always, with crypto rallies, come the scam artists with new fake “giveaways” on social media platforms. Why is it taking the platforms so long to take action?” Garlinghouse tweeted.

He went on to cite how cyber attackers took over a popular YouTube channel to impersonate him and scam unsuspecting subscribers.

“For example, hackers took over @AndreoBee’s @YouTube channel to impersonate me, and over 24 hours later + multiple complaints, the channel is still up?! The longer these fakes stay up, the more people that are scammed” the tweet reads.

With Bitcoin being a global accepted asset and currency, it is challenging to regulate it uniformly for a scam free industry. However, with continued mass crypto education, there is hope that reported scam cases will decline over time.

As Bitcoin continues to scale higher by the day, Grayscale Investments has recorded over $12 billion in assets under management. Particularly, Grayscale Bitcoin trust has surpassed $10 billion.

There are 18,553,512 units of Bitcoins in circulating supply out of the possible 21 million. Notably, Bitcoin accessibility has significantly shifted to ATMs around the world, whereby there are approximately 12360 crypto ATMs globally according to Coinatmradar. There has also been a notable acceptance of Bitcoin and other digital assets in most financial institutions as the demand grows immensely.

With PayPal Holdings Inc (NASDAQ: PYPL) being the latest payment giant to enter the crypto market, the next bull run is anticipated to be larger than that of 2017/2018. Binance CEO previously indicated that the crypto industry has the capability to grow over 1000 times based on the demand.

At the time of writing, Bitcoin was trading around $18,965.50 having jumped approximately 3.75% in the last 24 hours.

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$45B DeFi market cap and soaring TVL suggest the best is yet to come




The decentralized finance sector continues to charge full steam ahead as multiple tokens notch new all-time highs and the total value locked in DeFi protocols grows with the passing of each week.

Data from Messario shows projects like AAVE, Uniswap (UNI), SushiSwap (SUSHI) and Synthetix (SNX) have all rallied by double-digits, creating a positive feedback loop as more users engage with the protocols to yield farm and capitalize on flash loans.

DeFi asset performance. Source: Messari

As the price of Bitcoin (BTC) and Ether (ETH) reached new highs in recent months, the total value locked (TVL) in DeFi has risen as well, increasing optimism and engagement on the various DEXs and lending platforms. Data from CoinGecko shows that in the past 6 months the DeFi total market capitalization has grown to $45 billion.

Total market cap of all DeFi tokens. Source: CoinGecko

From Jan. 1 to Jan. 25, DeFi platforms have collectively seen the TVL rise from $15.6 billion to a record-high $26.1 billion.

In fact, according to DeFi Pulse, the total value locked across DeFi protocols increased from $21.49 billion to $26.173 billion in the past 4 days alone.

This sharp increase in TVL was helped by a $400 surge in the price of Ether from $1,053 on Jan. 21 to a new all-time high of $1,459 on Jan. 25, but Ether can’t account for all the gains as shown by the increasing number of DeFi tokens which are also securing new all-time highs.

Total value locked in DeFi. Source: Defi Pulse

Despite these impressive developments, the DeFi sector only accounts for just 4.6% of the total cryptocurrency market capitalization which currently stands at $976.6 billion.

Despite representing just a small sliver of the total crypto market, DeFi’s rapid growth suggests the sector is primed for explosive growth as cryptocurrency becomes more mainstream.