The Currency Analytics
By Sydney TheCMO
Waning hype in DeFi drops ETH fees
Bitcoin on consistent bullish run
The summer of 2020 was clearly Ethereum’s season this year even though Bitcoin has always been the numero uno crypto coin.
Ethereum-based DeFi protocols, like exchanges and lending protocols, have shown commendable growth over the 2020 summer.
However, with the DeFi boom cooling down of late, Ethereum’s dominance has reduced to 11.65 percent as of November 2020.
But, cut to October 2020, volume of transaction fees on Ethereum have plummeted to 57.49 million USD compared to an immense 166.39 million USD just last month in September.
“October saw a massive decrease in trading volumes on decentralized exchanges, up to around 25 percent and that’s not a small number.
On the other hand, Bitcoin is showing a consistent bullish run over the past 6 months as well.
A major reason behind Bitcoin’s staggering growth of late is surely the depreciating value of the US dollar.
It can be safely said if Ethereum had the summer this year, Bitcoin has claimed the autumn.