El Salvador President Nayib Bukele took a victory lap on Monday after the Bank of England’s British pound rapidly depreciated against the dollar. The institution has since resumed quantitative easing. Its action marks a clear pivot that many in the Bitcoin community predicted central banks would be forced into months in advance. Bukele’s Callout Bukele tagged the Bank of England with a triumphant “Told you,” over Twitter, scoring over 14,000 like and 2000 retweets from his followers. His brief comment…
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This Week’s Summary
- The Crypto Market Analysis ends the week at a total market capitalization of $2,088 trillion.
- Bitcoin is more or less at the same value as last week after a 0.2% drop.
- Ethereum calls it even after a 0.35% increase over the week.
- XRP is down by roughly 6% in comparison to last Sunday
- Solana, Terra, and Cardano end the week with significant value boosts.
- The DeFi sector dropped more than $1 billion from the total value protocols (TVL).
Crypto Trends 23rd – 29th of August 2021: Market Analysis & Performance
We start this crypto market analysis without any big news in hand. Besides Cardano’s spectacular surge, it has been a rather uneventful week.
Firstly, the market capitalization remains at similar values but still above the $2 trillion mark. A small increase of only $22 billion over the week did not make too many waves.
Bitcoin is still seesawing between $47,000 and $50,000 without managing to go above the psychological threshold. The good news is that the primary cryptocurrency doesn’t seem to lose ground as it used to in the past. Despite news of imminent crypto regulations in the U.S., the king coin maintains its steady course. Bitcoin is trading at around $48,300 at this moment.
Ethereum also remains above a psychological level of its own. After a minuscule increase over the past seven days, the second crypto in command continues to trade above $3,000. Ethereum is now trading at around $3,170.
Ripple’s XRP continues to drop down the ranks after another 6% weekly loss. It seems that soon the coin will lose the entire 60% value boost it gained at the beginning of August. XRP is trading now at around $1.13.
One of the week’s best performers is (again) Cardano. Since the Alonzo upgrade, ADA has been surging far and beyond the investors’ expectations. At the moment, ADA is trading at around $2.85 and close to overcoming the $3 mark soon enough.
Crypto Market Analysis – What’s in the News?
- Wall Street Giants JPMorgan Reveal Plans to Offer Clients Cryptocurrency Funds.
- IOHK Submits Proposal for Final Alonzo Purple Upgrades.
- Ethereum Bug on Its Old Client “Geth” Leads to A Fork.
- A Record $168M in BTC Flows into Exchanges as Profit-taking Continues
Next Week’s Market Forecast
Bitcoin and the entire crypto market are eagerly waiting for next month’s events. New crypto regulations in the U.S. and the upcoming BTC legalization in El Salvador should increase volatility. Most likely, investors are readying for a rollercoaster ride on one of the most exciting financial markets.
It’s difficult to say where the next weekly crypto market analysis will find us. We can only hope that most cryptocurrencies will be trading in the green.