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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $1,14 trillion.
- Bitcoin increased by nearly 12% to reach around $30,000.
- Ethereum is up by almost 5% to reach $1,630.
- XRP gained over 6% in value following a significant upturn in the legal battle with the SEC.
- Almost all altcoins are trading in the green, with very few exceptions.
- The DeFi sector increased the total value of protocols (TVL) to around $38 billion.
Crypto Trends 16 – 22 October 2023: Market Analysis and Performance
The crypto market waited until mid-October to reward its supporters with an optimism-boosting revival. Following a string of unexpected news and fake rumors, some leading cryptocurrencies skyrocketed, and others followed. This spectacular turn of events increased the overall market capitalization by over $90 billion and generated new hopes across the board.
As always, Bitcoin makes the headlines every time the crypto bulls show their horns. The king of cryptocurrencies climbed above $30,000 twice this week, and it may end the week above the much-coveted level. Its return was sparked by rumors (eventually debunked as false) that the SEC approved BlackRock’s filing for a BTC ETF. Even if fake news subsided, its effects didn’t, and Bitcoin continued to rise. Currently, it is trading only a little under $30k.
Ethereum follows in Bitcoin’s steps, albeit its value boost is not that impressive. This week, the second crypto in command gained nearly 5% in value to return above $1,600. It’s not much, but returning to its comfort zone will reassure some ETH supporters.
Altcoins & DeFi
Most altcoins are trading in the green, with very few exceptions. For example, BNB is up by 3%, like Cardano, Polkadot, Dogecoin, and Litecoin. Meanwhile, Solana is up by a whopping 29%, being among the best climbers this week. TRON is up by 6%, Toncoin by 11%, and Chainlink by 24%.
The resurging altcoins have XRP to thank for their green-happy days. More precisely, Ripple’s cryptocurrency won another significant battle in its long legal war with the United States Securities and Exchange Commission. This time, the SEC dropped all charges against the company’s executives – Brad Garlinghouse and Chris Larsen.
XRP may not be out of the woods yet, but some of its supporters staunchly believe so. Their support led the coin on an impressive run, gaining over 6%.
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 2%, The Sandbox by 4%, Decentraland by 3%, and ApeCoin by 4%. Elsewhere, Stacks is up by 21% and Render by 15%.
Crypto Market Analysis – What’s in the News?
- Binance has expanded its fiat services in Europe with new banking partnerships.
- The Hong Kong Securities Regulator updated its crypto policies following market developments.
- Sam Bankman-Fried allegedly requested his FTX attorney to “come up” with a legal argument for the notorious $8 billion hole.
Next Week’s Crypto Market Forecast
The crypto market is finally seeing better days following months of ups and downs. This rejuvenation comes after the US SEC weakened its stance against cryptocurrencies. BlackRock’s filing for a BTC ETF has yet to be approved, but it is still far from rejection, too. Meanwhile, Ripple stands its ground in the legal battle with the SEC, showing that the Commission’s crackdown on crypto is not as daunting as many believed.