Hot Bitcoin Summer. But Why Altcoins Are On The Rebound

Bitcoin has maintained its superiority in the market through the bull rally. Through the summer, bitcoin remains the strongest performer in the market. But the altcoins remain hot on its heels as prices rebound from two-month lows. Despite being the strongest performer of the summer, the DeFi space beat out Bitcoin to post the strongest recovery after hitting lows in July. Related Reading | Bullish Signal That Resulted In A 250% Increase In Bitcoin Is Getting Triggered Again A look back from June shows that bitcoin has outperformed ETH, as the price of the asset is up 25%. The digital asset has also outperformed the FTX’s DeFi Index and FTX’s exchange token index in the same time period. Positioning the number 1 cryptocurrency as the safest bet when it comes to investing in a crypto market stuck in a downward spiral. DeFi Index Strongest Recovery Despite Poor Summer The DeFi index currently ranks as the worst performer of the summer, with only a 6% upward movement from the beginning of June. DeFi Index hit a bottom in July, along with the rest of the market, but had lower lows compared to the rest. After the July lows, the DeFi Index is up 90% from its July lows. Making it the strongest performer from the July bottom. DeFi outperforms after July 21st bottom | Source: Summer Performance Chart on Arcane Research After bottoming out on July 21st, the DeFi Index saw massive gains as the market picked up steam again. ETH ...