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Wednesday

21 October 2020

Multiple data points suggest Bitcoin’s 2017-style bull run has begun

Multiple data points suggest Bitcoin’s 2017-style bull run has begun


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The surge marked the best performing week for the price of Bitcoin since July and data show a noticeable shift in market sentiment around the digital asset.

According to data from TheTie, an alternative data provider for digital assets, the daily sentiment score for Bitcoin has reached 62.4.

The metric measures the tone of conversations in Twitter to derive positive or negative sentiment in the market, and any score above 50 implies that market sentiment is positive.

Generally, bullish signs continue to pile up for Bitcoin and as the digital asset rallied to $11,500, the total market capitalization of the entire sector increased by 6% from $339 billion to $359. .

Data from DeFi Pulse shows that the total value locked in DeFi is at $10.89 billion.

According to data from Flipside Crypto, around $300 million worth of tokens are being sent to DeFi dapps every day.

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cointelegraph.com
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