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WMA: Bitcoin Climbs Above $45,000 & New Ethereum Update Goes Live

Get the weekly summary of cryptocurrency market trends, news, and forecasts!

This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $1,827 trillion.
  • Bitcoin is up by roughly 7% after a successful weekly run.
  • Ethereum has increased by over 20% over the past seven days.
  • XRP records a 6% value boost over the week.
  • Dogecoin, Polkadot, and Cardano end the week with significant value boosts.
  • The DeFi sector added almost $8 billion to the total value protocols (TVL).

Crypto Trends 02nd – 08th of August 2021: PERFORMANCE & ANALYSIS

The bulls continue to run the cryptocurrency market as the first week of August registers significant value boosts across the board. More so, the market capitalization increased by more than $170 billion to aim for the $2 trillion once again.

Bitcoin is again taking all the headlines after a steady rise brought it above $45,000 only a couple of days ago. It’s worth noting that the primary cryptocurrency has increased by more than $15,000 in the past two weeks. As a result, the investors’ trust is peaking again and paving the way for a new, exciting bull run. Bitcoin is trading at around $44,660 at this moment.

Ethereum also increased substantially over the past seven days to trade well and above $3,000. One of the factors that influenced its surge was the latest Ethereum update, London, which went live on the 4th of August.

London’s release solved one of the network’s oldest issues, the users’ bidding war for block admission. The EIP-1559 update has replaced the old bidding procedure with a single base fee mechanism. This new value changes depending on how much the network is crowded. Also, it burns excess ETH to decongest the protocol. At the time of this writing, Ethereum is trading at around $3,150.

Ripple’s XRP is among the cryptocurrencies with the smallest value boosts. But in these trying times, every step ahead counts double. Following a 6% increase over the week. XRP is trading now at around $0.81.

Most of the digital assets have traded in the green throughout the week. For instance, Cardano registered an 8% value boost to now sell at around $1.48. Elsewhere, Polkadot is up by 12%, and Dogecoin has increased by 25%. Lastly, Binance Coin is up by more than 3%.

The DeFi sector gained roughly $8 billion in total value protocols (TVL), which now stands at nearly $79.34 billion.

What’s in the News?

Next Week’s Market Forecast

This week has confirmed that the latest bullish sentiment will not go away that easily. As BTC aims again for the $50k mark, Ethereum continues its improvement journey with radical and promising updates. In addition, other projects, such as Cardano, Polkadot, and even the meme-token, Dogecoin, are registering optimistic ascensions.

Nevertheless, after this year’s rollercoaster, we must remain alert. For instance, US regulators are looking into new and drastic ways of taxing cryptocurrencies.

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At the moment, the debate in the US Senate rages on how strict the new rules should be. One side claims that the current laws leave room for tax evasion. The other camp warns that new regulations could be anti-technology and anti-innovation. Depending on the outcome of this political battle, we should notice the scale of crypto credibility tilting one way or the other.

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