{"id":429651,"date":"2020-07-06T03:00:38","date_gmt":"2020-07-06T03:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=429651"},"modified":"2020-07-06T02:29:55","modified_gmt":"2020-07-06T02:29:55","slug":"unexpected-metric-crypto-booming-bull-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/unexpected-metric-crypto-booming-bull-market\/","title":{"rendered":"This Unexpected Metric Shows That Crypto Is in a Booming Bull Market"},"content":{"rendered":"

It’s been hard for some to say that crypto is in a bull market.<\/p>\n

Despite Bitcoin<\/a> rallying by over 150% from March’s $3,700 lows, it remains below crucial resistance levels at $10,500<\/a> and beyond. The same can be said about Ethereum, which has had similar trouble surmounting $250.<\/p>\n

Yet there are some early signs that the cryptocurrency market is finally entering a bull phase. And one such sign that a prominent industry executive mentioned is rather unexpected.<\/p>\n

Related Reading: Crypto Tidbits: Bitcoin Stalls at $9k, Cardano Shelley, Elon Musk & Ethereum<\/a><\/h6>\n

Is Crypto in a Bull Market?<\/strong><\/h2>\n

If you’ve been on Crypto Twitter over the past day, you’ve likely heard of the ongoing skirmish between the decentralized finance community and the centralized finance community.<\/p>\n

The creator of the VOIP technology and the CEO of crypto lending solution Celcius, Alex Mashinsky, has been core to this debate. On July 4th, he tweeted the following about decentralized finance protocol Compound:<\/p>\n

“Compound is fractional reserve banking on chain. The entire world economy and the livelihood of 7.5B people are threatened by this practice and here we are propagating it instead of replacing it…How not exciting.”<\/p><\/blockquote>\n

https:\/\/twitter.com\/Mashinsky\/status\/74775553<\/p>\n

Mashinsky has made other comments, likening DeFi’s “yield farming” to Modern Monetary Theory, a macroeconomic framework largely hated by Bitcoin proponents.<\/p>\n

Proponents of DeFi have not taken his comments lying down, responding with their own rebuttals against his comments and Mashinsky’s company.<\/p>\n

While this seems to be a bit of a mess, it may be a sign of a bull market.<\/p>\n

Kain Warwick, the founder of leading DeFi protocol Synthetix, commented<\/a> on the ongoing debate with an optimistic skew:<\/p>\n

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“Forget price action for a second, if there\u2019s one metric that most clearly points to a bull market it\u2019s internecine warfare in crypto. See blocksize debate. Now you have CeFi vs DeFi skirmishes starting up. It\u2019s going to get crazier soon, people fight when there\u2019s value at stake.”<\/span><\/div>\n<\/blockquote>\n<\/div>\n

Looking at the previous bull market, this is surely the case. 2017 was marked by two massive debates:<\/p>\n