DeFi tokens have been taking over the crypto scene for quite a while now. Despite this, Bitcoin remained unfazed and continued dominating the markets in terms of price. However, a new DeFi token seems to be on its way to hit $10K even before Bitcoin does.
PlanB, the well-known creator of the contested stock-to-flow (S2F) model, believes Bitcoin (BTC) is now well on track to reach $100,000 as the price has risen to yearly highs. The optimistic sentiment coincides with the shift in momentum from alternative cryptocurrencies, or altcoins, to BTC.
As the price of Bitcoin [BTC] continues to stall around $11,000, traders are actively looking to judge the market sentiments to analyse the next big move. The flow of Bitcoin in and out of exchanges, along with the mining pool transfers can be useful in analysing the market sentiments.