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WMA: Bitcoin Drops Again as Memecoins Make Unexpected Return

Get the weekly summary of crypto market analysis, news, and forecasts!

This Week’s Summary

  • The crypto market ends the week at a total market capitalization of $1,19 trillion.
  • Bitcoin dropped by nearly 3% to around $29,300.
  • Ethereum is down by almost 1% to reach around $1,870.
  • XRP lost nearly 4% in value this week.
  • Almost all altcoins are trading in the red, with very few exceptions.
  • The DeFi sector maintains the total value of protocols (TVL) at around $48 billion.

Crypto Trends 24 – 30 July 2023: Market Analysis and Performance

The crypto market closes July on a visible downtrend following another disappointing week. As the SEC vs. crypto war continues, most assets have performed poorly for the second week in a row. Firstly, the Commission maintains its crackdown approach towards digital assets. On the other hand, the US politicians criticized it for being too rough on a yet emerging financial sector. This back-and-forth led to an underwhelming performance across the board. Fortunately, the market capitalization decreased by only around $10 billion.

Bitcoin failed to reconquer the $30,000 level this period too. On the contrary, the king of cryptocurrencies dropped more points and is now close to falling below $29k again. Following a nearly 3% drop, BTC struggles to retain its summer gains.

Ethereum is not faring any better, either. The second crypto in command has resigned with the idea that it will be extended until it climbs above $2,000 again. In fact, ETH is getting closer to the $1,700 mark, a more comfortable zone for the first of the altcoins.

Altcoins & DeFi

Most altcoins are trading in the red, although a few record considerable gains. That is the case of the memecoins, which have seen an unexpected rejuvenation this week. For example, Dogecoin is up by 10% and Shiba Inu by 7%. Meanwhile, Dogechain is up by a whopping 175%.

Elsewhere, XRP continues to bleed on the back of a 4% loss. Cardano and Solana are down by 1%. TRON and Polkadot have decreased by 3%. Also, Polygon is down by 7%, and Avalanche by 3%.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the red. For instance, ApeCoin is down by 8%, and Axie Infinity by 5%. Meanwhile, Decentraland decreased by 3%, Render by 4%, and The Sandbox by 5%. The only winner in this category is ICP, up by 2%.

The DeFi sector lost nearly $0.1 billion to the total value in locked protocols (TVL), now at $47.84 billion.

Crypto Market Analysis – What’s in the News?

  • Elon Musk announced rebranding Twitter’s logo to “X” and a potential integration of Dogecoin with the social media giant.
  • The KuCoin CEO clarified that the recent mass layoffs within the company are due to performance reviews and not internal issues.
  • The US Federal Reserve resumed its monetary policy of increasing the interest rates by 0.25%.

Next Week’s Crypto Market Forecast

Bitcoin live price
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The crypto market remains in a strong position despite the recent hiccups. Most of its assets have lost value points recently. However, the losses are far from alarming and not pointing toward the bears’ revival. Hopefully, the trend will see greener pastures starting next week.

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