Bitcoin (BTC) price has been trading slightly higher this month after the buyers forced a break of the resistance line around $10,500 in July.
The latest data from Apptopia, analytics services provider, shows that crypto exchanges and wallet apps registered record-high combined downloads in July. Accordingly, the number of new installs of top 10 crypto wallet apps rose by 81% compared to 2019. According to some experts, the higher interest may result in a new bull market this year.
“At the start of quarantine, we noticed an uptick in new installs for some of these apps, but didn't think much of it because this market tends to be quite volatile anyway,” said Madeline Lenahan, Public Relations & Content Manager at Apptopia.
The higher interest in trading Bitcoin and crypto assets is a result of the coronavirus lockdown and huge stimulus packages rolled out to support troubled economies. It was reported that Bitcoin trading volume at crypto exchanges soared last month on the back of the BTC rally. thanks to the BTC price soar at the end of last month.
Bitcoin (BTC/USD) price failed to stage a weekly close above $12,000, paving the way for a pullback to $11,000 this week.