WMA: Bitcoin Back to $36K and Altcoins Retreat Amid Market Contraction

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This Week’s Summary

  • The crypto market ends the week at a total market capitalization of $1,39 trillion.
  • Bitcoin decreased by over 1.5% to reach around $36,000.
  • Ethereum is down by nearly 5%, dropping under $2,000.
  • XRP lost over 8% in value this week.
  • Almost all altcoins are trading in the red, with some exceptions.
  • The DeFi sector decreased the total value of protocols (TVL) to around $45 billion.

Crypto Trends 13 – 19 November 2023: Market Analysis and Performance

The crypto market lost some ground following three weeks of unexpected surge. Most assets traded in the red over the past seven days as the industry is going through an evident contraction. It is a broadly normal phenomenon that seasoned crypto enthusiasts know too well after years of ups and downs. Even the overall market capitalization dropped as nearly $30 billion were sold outside the market.

Bitcoin dropped from the hard-gained $37,000 level, but not by much. The king of cryptocurrencies lost nearly $1,000 of its value after substantial sell-offs over the past two weeks. Many experts expected this to happen, especially for short-term or new investors with low hodling intentions.

Ethereum fought bravely to win the $2,000 resistance level, only to lose it a week later. The second crypto in command is down by almost 5% this week. As a result, its value dropped again to around $1,900, where it will seek to establish a support zone.

Altcoins & DeFi

Most altcoins are trading in the red, with some notable exceptions. This week’s losers include XRP, with an 8% drop, and Chainlink, down by 12%. Elsewhere, BNB, Cardano, and Toncoin decreased by over 2%. TRON lost 5% of its value and Polkadot 11%.

Meanwhile, Solana continues to grow after recording a nearly 2% value boost. The same goes for Avalanche, up by 15%, and Kaspa, up by a whopping 60%.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the red. For instance, Axie Infinity is down by 5%, The Sandbox by 9%, Decentraland by 10%, ICP by 2%, and Theta Network by 4%. The only significant Metaverse token winning this week is Render, up by 38%.

The DeFi sector lost almost $1 billion from the total value in locked protocols (TVL), now at $45.88 billion.

Crypto Market Analysis – What’s in the News?

  • BlackRock officially filed for a spot Ethereum (ETH) exchange-traded fund (ETF) with the United States Securities and Exchange Commission.
  • Tether announced a $500 million investment in Bitcoin mining.

Next Week’s Crypto Market Forecast

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The crypto market takes a break from its recently successful run, opting for a slight contraction. Nevertheless, ongoing developments like the SEC’s potential approval of BlackRock’s filings for BTC and ETH ETFs could restore most assets to the green. It will be interesting to see how the market will move next week.

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