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Bitcoin Loses Its Luster? BTC Faces Challenges and Opportunities Amid the DeFi Craze
The Current Status and Future of Bitcoin: From Belief to Practicality
Four months have passed since the third Bitcoin halving. As the hype in the DeFi market continues to rise, the anticipation and attention brought by the halving have gradually subsided. Although most Bitcoin holders remain cautious, the increase in the number of Bitcoins transferred to the Ethereum network has become an undeniable fact.
Data shows that currently 45% of Bitcoin has been transferred to Ethereum. This reflects the increasing pursuit of high returns in the DeFi market by Bitcoin holders.
Meanwhile, the landscape of the cryptocurrency market is also changing. EOS is gradually fading out of the mainstream coins, while TRON is accelerating its development with the help of the SUN token, vowing to compete with Ethereum. Although Ethereum 2.0 has not yet arrived, its DeFi ecosystem still attracts a large influx of funds.
In contrast, the voice of Bitcoin seems to have diminished. However, its leading position remains difficult to shake.
In the current cryptocurrency market, people are more concerned about who can bring the maximum returns. Questions like "When will Ethereum become the number one mainstream coin?" have started to appear. Meanwhile, Bitcoin has lost its momentum in the investment market due to price declines and key support levels moving down.
Compared to high-yield DeFi projects, the future prospects of Bitcoin are concerning. Although some still hope for Bitcoin to return to the $20,000 high, most people's attention has shifted to the Ethereum ecosystem.
However, the value of Bitcoin is not limited to speculation. In regions such as Africa, Bitcoin is being used to hedge against currency devaluation. For example, mobile phone vendors in Lagos, Nigeria, pay suppliers with Bitcoin to avoid the impact of local currency devaluation.
The creation of Bitcoin has opened the path for the development of blockchain technology. Although there will always be fervent followers in the market, the future development of Bitcoin depends more on its technological essence and practical application value.
In the current DeFi craze, Bitcoin seems to have lost its luster. However, as the pioneer of cryptocurrencies, its scarcity and decentralized nature still hold unique advantages. In the future, whether Bitcoin can expand more practical application scenarios while maintaining its value storage function will be a key factor in determining its long-term development.