Market Wrap: Bitcoin Tests $13.6K as DeFi Total Value Locked Dips Below $11B

Bitcoin trading around $13,354 as of 20:00 UTC. Gaining 0.14% over the previous 24 hours.

The price of bitcoin was able to muster a rise to as high as $13,663 Friday, according to CoinDesk 20 data.

Michaeal Gord, chief executive officer for trading firm Global Digital Assets, said he expects the bitcoin market to cool ahead of uncertain fundamentals next week.

While higher than average volumes might indicate a potential price move upward, it's possible equities will be taking the front seat in how bitcoin performs in the near term.

Correlations between bitcoin and the S&P 500 seem to be rising as stock sell-offs or tepid days had an impact on the cryptocurrency market.

"Short of a significant and swift hit to the equity markets, I still stand by my prediction of bitcoin hitting $14,000 before year end," Ballinger said.

"With continued uncertainty surrounding the economic recovery, investors may turn to digital currencies over equities, and test the 'digital gold' thesis of bitcoin further."

The second-largest cryptocurrency by market capitalization, ether, was down Friday trading around $383 and slipping 1.9% in 24 hours as of 20:00 UTC.The amount of cryptocurrency "Locked" in decentralized finance, known as total value locked, or TVL, is trending downward.

The last time TVL was at this level was back on Oct. 8.Over-the-counter crypto trader Alessandro Andreotti said the DeFi TVL decline is only temporary because of bitcoin's price closing in on 2020 highs.

"I think it's only a momentary downtrend since bitcoin is on the spotlight for now. We're gonna see new highs for DeFi and crypto in general after the U.S. election," he said.