WMA: Bitcoin Back Above $27,000 Amid New Market Recovery

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This Week’s Summary

  • The crypto market ends the week at a total market capitalization of $1,09 trillion.
  • Bitcoin is up by over 2% to reach around $27,200.
  • Ethereum increased by nearly 6% to close to $1,700.
  • XRP gained almost 2% in value during a highly volatile week.
  • Almost all altcoins are trading in the green, with virtually no exceptions.
  • The DeFi sector maintains the total value of protocols (TVL) at around $38 billion.

Crypto Trends 25 September – 01 October 2023: Market Analysis and Performance

The crypto market is finally back in the healthy green zone. Most of its assets have recovered precious value points over the past seven days. Moreover, some used the market’s typical high volatility to seesaw between support and resistance levels, often surpassing the latter. Meanwhile, the market capitalization increased by about $40 billion.

Bitcoin climbed back above the $27,000 mark. The resistance level had become daunting for the king of crypto, who spent several weeks below it. Nevertheless, the road out of the $26,000 comfort zone has been rocky, and we may see BTC dropping back into it soon.

Ethereum also sees better days following numerous weeks of slowly dipping into the red. The second crypto in command is now nearly overcoming $1,700, which should delight its supporters. At the time of writing, ETH was trading at around $1,690.

Altcoins & DeFi

Most altcoins are back trading in the green, with some recording double-digit surges. For example,  XRP is up by almost 2%. The once-third cryptocurrency by market cap had a very eventful week, including value boosts of over 10%. However, it resigned to closing the week with a slight but safe increase of around 2%.

Elsewhere, Solana is up by 18%, TRON by 6%, Cardano by 7%, Dogecoin by 2%, and Polygon by 6%. Toncoin is among the very few losers, with a 6% loss.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the green. For instance, Axie Infinity is up by 6%, The Sandbox by 5%, Decentraland by 9%, and Render by 4%. Elsewhere, Stacks is up by 10%, just like ICP.

The DeFi sector added nearly $0.8 billion to the total value of locked protocols (TVL), now at $38.76 billion.

Crypto Market Analysis – What’s in the News?

  • The SEC has delayed its decision on several applications for spot BTC ETFs.
  • The largest corporate holder of BTC – MicroStrategy – has acquired 5,500 BTC more. Its Bitcoin holdings have now exceeded 160,000.

Next Week’s Crypto Market Forecast

Bitcoin live price
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The crypto market starts October on the right foot, with most assets trading joyfully into the green. It is a reasonable period for the likes of Bitcoin and Ethereum, which have fared disappointingly recently. Hopefully, this trend will continue in the coming weeks and months.

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