The Bitcoin hashrate, a key metric representing the net processing power of the Bitcoin network, reached a new all-time-high earlier on Tuesday.
At a seven-day average of 123.4 EH/s, this new milestone signifies that miners are pledging more power than ever to secure the network. Despite encouraging network fundamentals, however, the BTC/USD pair has failed to instill enough confidence in the bulls to break out above resistance at $9,300.
More on that and other big stories from the day in the Tuesday edition of BeInCrypto’s Crypto News Roundup:
Bitcoin Attempts to Break Through Crucial $9,300 Resistance
On July 6, the Bitcoin price increased considerably, going from $9,055 to $9,375, creating a bullish engulfing candlestick.
Furthermore, the price reached a daily close above the 0.5 Fib level of the entire move at $9,309, the $9,300 resistance area, and the 50-day moving average (MA). Volume was considerable but not extreme during this increase.
- The Bitcoin price created a bullish engulfing candlestick on July 6.
- There is strong resistance at $9,300.
- The price has broken down from a short-term ascending support line and is trading inside a parallel ascending channel.
Active Ethereum DApp Users Grew by 97% in Q2 2020
The second quarter of 2020 witnessed a massive surge in the number of Ethereum dApp users, claims a new report by Dapp.com. The report further adds that finance-related decentralized applications are currently the most popular in the global dApp community, with their collective user-base increasing by 67% during Q2.
A massive chunk of this rather impressive growth can be attributed to DeFi-related dApps that recently drew new investors looking to bank on favorable interest rates.
DeFi Hits $2 Billion as Aave Surges, Ethereum Feels the Strain
It came quicker than expected, but the DeFi markets have just reached the $2 billion mark in terms of TVL, according to DeFi Pulse. In less than a month, the total amount of crypto collateral locked in DeFi smart contracts has doubled. Even more interestingly, several of these DeFi tokens have recorded drastic growth, with some even doubling in price month-on-month.
All of these events have been bullish for the nascent DeFi ecosystem, but it appears the foundations of this financial landscape are cracking under pressure. This is evident in the growing sense of discontent among many Ethereum users due to the skyrocketing cost on the ETH network.
Ethereum Fees Surge Past Bitcoin for the Past 30 Days
Demand on Ethereum is growing, and individuals are spending more in fees to use the network than ever before. According to data collected by Glassnode, fees collected on Ethereum averaged around $800,000 per day. Bitcoin’s network, by comparison, has consistently earned less in fees for the past 30 days.
ADA Aims to Break Out Over Two-Year Long Resistance
The daily chart reveals that since the upward move began, the price has been following a rising support line. Furthermore, the move throughout the support line closely resembles a five-wave Elliott pattern, inside which the price is likely in the fifth and final wave. Technical indicators are bearish, especially the RSI.
Crypto Trading Volume Plummeted in June as Prices Stabilized
June saw Bitcoin’s price gain some stability, starting the month off at $9,460 and closing at $9,215. The stability failed to appeal to the traders, and consequently, the spot trading volume took a huge hit. On top-tier exchanges, the trading volume dropped by 36% to $177 billion.