Yet another government official is waking up to Bitcoin’s significance beyond its role as an asset. Rand Paul – Republican senator and well-known libertarian – recently questioned whether “cryptocurrency” could become the world reserve currency. As Bitcoin gains traction and legitimacy around the world, this reality grows ever-more plausible. Weakening Trust in Government Money Rand Paul aired his thoughts in an interview with Axios on Friday. The senator surmised that as trust in government decreases, “cryptocurrency” could “actually become the…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $2,320 trillion.
- Bitcoin is up by nearly 16% after a rejuvenating week.
- Ethereum gained more than 4% in value over the week.
- XRP has increased by roughly 12% over the past seven days.
- Shiba Inu follows in Doge’s steps with a spectacular 220% surge.
- Almost all altcoins have registered significant gains this week.
- The DeFi sector gained almost $1.6 billion in total value protocols (TVL).
Crypto Trends 04th – 10th of October 2021: Market Analysis and Performance
The crypto market ends another week with full smiles across the board. After a disappointing end to the summer, Bitcoin and most altcoins are visibly on the rise. Furthermore, the overall market capitalization is thriving after another weekly increase of over $200 billion. At the moment, it stands well above the $2 trillion marking.
Undoubtedly, the most praise this week went to Bitcoin. The most popular crypto in the world is gathering pace and approaching the $60,000 level with bold steps. Only this week, it added more than $7,500 to its value. That’s impressive, especially for how close it was to falling beneath $30,000 only a few weeks ago.
Several reasons could be behind Bitcoin’s somewhat surprising ascent. Firstly, this report shows that someone bought up $1.6B worth $BTC via market orders in 5 minutes last week. Secondly, the U.S. recently backed cryptocurrencies and Bitcoin through illustrious figures, such as the Federal Reserve chairman, Jerome Powell. Even if this backing was primarily indirect and involuntary, it was enough to help boost BTC’s rise.
The market’s positive sentiment, together with these events, helped the king coin surge. Bitcoin is trading now at around $55,300.
Ethereum is also rising at a remarkable speed. The second crypto in command shows clear signs of rejuvenation after a bleak period. After a roughly 4% increase, Ethereum is now trading at around $3,550.
Ripple’s XRP has steadily risen above the $1 marking, and it looks like it has found its comfort zone. For instance, XRP is trading now at around $1.19.
Unfortunately, Cardano doesn’t seem to follow the market trend. After another disappointing week, ADA is trading at around $2.24 and struggling to hold its position.
Altcoins & DeFi
Elsewhere, Polkadot is up by roughly 13%, and Binance Coin lost almost 2% of its value. And, the once-joke token, Dogecoin, is up by approximately 10%. One of the market’s worst performers is Solana, with a dismal 11% drop in value.
Nevertheless, the surprise this week came from Shiba Inu. The Doge-like token surged by no less than 220% after one of the best weeks in its history.
Crypto Market Analysis – What’s in the News?
- White House considers executive order to investigate cryptocurrencies.
- Bitcoin lending platform BlockFi files for Bitcoin ETF.
Next Week’s Market Forecast
So far, so good for the crypto market as October proves to be one of its best periods in months. For instance, Bitcoin is back on track towards its ATH at $64,000. Also, Ethereum and other altcoins are looking to take serious steps ahead. We can only hope that this momentum will continue for as long as possible.