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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Bitcoin migration to Ethereum Decentralized Finance wave changes market landscape
Bitcoin: From Feverish to Tepid in Four Months
In the four months following the third Bitcoin halving, the market's focus has gradually shifted from halving expectations to the DeFi craze. Although most Bitcoin whales still maintain a wait-and-see attitude, the migration of Bitcoin to the Ethereum network has become an undeniable fact.
Data shows that 45% of Bitcoin has now been transferred to Ethereum. This indicates that Bitcoin holders are increasingly seeking the profit opportunities brought by DeFi.
In the landscape of mainstream cryptocurrencies, EOS's status is gradually declining and it has even been removed from the mainstream coin ranks. Meanwhile, Tron is intensifying its efforts to capture market share, competing with Ethereum through the SUN project. Although Ethereum 2.0 has not yet arrived, its DeFi ecosystem continues to attract a large influx of capital.
In contrast, the momentum of Bitcoin seems to have weakened. However, its position as the leader of cryptocurrencies remains difficult to shake.
In the current cryptocurrency market, investors are more focused on projects that can bring direct returns. Ethereum is favored for its DeFi ecosystem, while Bitcoin has lost some allure due to price declines and a downward shift in key support levels.
Nevertheless, the application of Bitcoin is still expanding in certain areas. For example, in Africa, the trading volume of Bitcoin has significantly increased. Some merchants in Lagos, Nigeria have started using Bitcoin to pay suppliers in order to avoid the impact of local currency depreciation.
The founder of Bitcoin, Satoshi Nakamoto, once warned about the negative impacts that excessive attention could bring. He believed that at certain stages of development, too much hype could hurt the project.
Today, Bitcoin has gradually moved from the initial speculative frenzy to broader applications. Although the rise of DeFi has temporarily diverted the market's attention, Bitcoin's status as digital gold remains solid. In the future, as the market continues to develop and mature, Bitcoin may find new growth points and application scenarios.