Bitcoin has finally woken from its two-month slumber, as well as interest in the number-one cryptocurrency along with it. Bitcoin futures trading is bustling again, with both volume and aggregated interest at their highest since the March market crash. So, with all the action going on in Bitcoin (BTC), does this mean that the altcoin season is coming to an end? Maybe not.
Bitcoin surges as altcoins correct
During a long period of inaction in Bitcoin, which saw traders growing bored and spot and derivatives trading on the decline, there was plenty of action going on in altcoins. Decentralized finance, in particular, is an area that has shown astonishing growth in 2020. In February, DeFi hit an important milestone by surpassing $1 billion in total locked value in its protocols. Today, despite the savage market conditions particularly in the first quarter, that figure has almost quadrupled. Total locked value in DeFi now stands