WMA: Bitcoin Above $34,000 as the Market Records Impressive Gains

Get the weekly summary of crypto market analysis, news, and forecasts!

This Week’s Summary

  • The crypto market ends the week at a total market capitalization of $1,27 trillion.
  • Bitcoin increased by nearly 16% to reach around $34,500.
  • Ethereum is up by almost 11% to reach $1,800.
  • XRP gained over 7% in value this week.
  • Almost all altcoins are trading in the green, with very few exceptions.
  • The DeFi sector increased the total value of protocols (TVL) to around $41 billion.

Crypto Trends 23 – 29 October 2023: Market Analysis and Performance

The crypto market continues its unexpected surge with another successful week across the board. Most assets record significant gains, some boasting double-digit value points. Meanwhile, the overall market capitalization increased by over $130 billion to comfortably exceed $1.2 trillion.

Bitcoin is up by a whopping 16%, which places its value above $34k. The king of cryptocurrencies has been riding high all week, reaching as high as $35,000 at one point. Its upward trajectory stems from the peculiar listing of a BTC ETF on the Depository Trust website on Monday. The ticker appeared and disappeared on the official page for a few days. However, it was enough to fuel speculations that the SEC greenlighted BlackRock’s ETF. As of the time of writing, the SEC has not provided official statements regarding its decision. Nevertheless, the market is optimistic enough to keep BTC and other crypto assets flying high.

Ethereum rewards its supporters with a spectacular rise in value this week. The second crypto in command increased by over 10% to trade only a little under $1,800. It is an encouraging trajectory for ETH, which has been on a losing streak for weeks on end.

Altcoins & DeFi

Most altcoins are trading in the green, with very few exceptions. For example, BNB is up by 6%, like TRON and Litecoin. Meanwhile, XRP is up by almost 8%, Solana by 14%, Cardano by 15%, Dogecoin by 14%, and Chainlink by 20%.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading comfortably in the green. For instance, Axie Infinity is up by 29%, The Sandbox by 17%, Decentraland by 28%, and ApeCoin by 26%. Elsewhere, ICP is up by 22% and Render by 31%.

The DeFi sector added over $3 billion to the total value of locked protocols (TVL), now at $41.62 billion.

Crypto Market Analysis – What’s in the News?

  • Tether has rejected all claims that USDT has been used to fund terrorists.
  • Huobi claims it recorded over 14% in profits for the last financial quarter.
  • Kraken diminished support for stablecoins after suspending all USDT and WBTC Deposits In Canada.

Next Week’s Crypto Market Forecast

Bitcoin live price
price change

The crypto market is back on track as investors and traders everywhere rejoice. It has been a rough year for most crypto assets, now ready to end 2023 with a bang. If this surge continues, one could say that it’s never too late to hope for a crypto revival.

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