On Thursday, August 27, bitcoin demonstrates signals of potential recovery. At press time, the largest by market cap cryptocurrency is trading at $11,384 (+0.33%).
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum stays at the $385.51 (+0.65%). XRP is trading at $0.275 (-0.59%).
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FxPro's team of analysts say:
"Perhaps, the institutional demand for the asset is one of the factors of the non-volatile price dynamics of bitcoin in recent years. On the one hand, the price is more flat and consolidated. But on the other hand, the market is no longer experiencing high sales at the end of the trend as it often happened in past years."
The total cryptocurrency market capitalization is $356,705 billion, according to CoinMarketCap.
Meanwhile, the other sector of the crypto economy is experiencing high excitement.
iHodl reported that Frontier, a chain-agnostic decentralized finance (DeFi) aggregation layer, raised $1.85 million from Alameda Research, CoinGecko, Mechanism Capital, TRG Capital and others.
The DeFi market has already set a new record with over $7.23 billion in locked assets.
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