Bitcoin was able to overcome the bearish pressure. The price of the cryptocurrency exceeded $11,000 and is approaching $12,000.
On October 9, bitcoin broke through the resistance line and exceed the $11,000 mark, after which the growth continued, and the cryptocurrency reached $11,450 in several jumps.
“If the price of Bitcoin breaks through the $11,100-$11,300 resistance zone, further bullishness can be expected towards $12,000. This makes the $11,100-$11,300 area is a critical zone for continuation,” crypto analyst Michael van de Poppe told CoinTelegraph.
Following bitcoin, other cryptocurrencies traditionally moved on to growth. Ethereum added 7%, XRP grew by 10%, Chainlink increased by 13%.
According to CoinMarketCap, the total cryptocurrency market capitalization is currently $360 billion, with the bitcoin dominance index standing at 58.4%.
The DeFi market followed bitcoin. Yearn.finance (YFI) rose 58% in a few days, but then corrected 10%. The token is currently trading at $16,419. Over the past month, DeFi tokens underwent a sharp correction, as a result of which the value of many DeFi tokens fell by 40%-70%. The sale was primarily caused by the decline in the rate of bitcoin and Ethereum. Despite the fall in the price of DeFi projects tokens, the profitability of most DeFi protocols remained high or even increased.