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WMA: Bitcoin Drops Below $29,000 as Most Altcoins Bleed Again

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 $1,16 trillion.
  • Bitcoin dropped by nearly 1% to around $28,900.
  • Ethereum is down by almost 3% to reach around $1,820.
  • XRP lost nearly 13% in value this week.
  • Almost all altcoins are trading in the red, with very few exceptions.
  • The DeFi sector decreased the total value of protocols (TVL) to around $48 billion.

Crypto Trends 31 July – 06 August 2023: Market Analysis and Performance

The crypto market ends a largely disappointing week with very few things to celebrate. Most assets have lost substantial gains, with some recording double-digit losses. Most cryptocurrencies have reverted to pre-summer values and are looking at an uphill mid-Q3 battle. Even the market capitalization decreased by around $30 billion.

Bitcoin is, for once, consistent in its trajectory, albeit a slow descending one. The king of cryptocurrencies has spent another week below the $30,000 level. Moreover, it seems to have lost the necessary drive to overcome the market’s volatility and climb above $30k.

Ethereum is also down trending, although this is unsurprising for the second crypto in command. ETH had struggled for weeks to climb above $2,000. Its recent losses point toward a prolongation of this dire state.

Altcoins & DeFi

Most altcoins are trading in the red, although a few memecoins are recording considerable gains. For example, Shiba Inu is up by 11% and records another good week following last Sunday’s 7% value boost.

Elsewhere, XRP continues to bleed on the back of a 13% loss. Cardano and Solana are down by 7%. TRON and Polkadot have decreased by 5%. Also, Polygon is down by 6%, and Avalanche by 5%.

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 4%, and Axie Infinity by 6%. Meanwhile, Decentraland decreased by 5%, Render by 8%, and The Sandbox by 7%. Even ICP could not break out of the bloodbath this time around, now down by 5%.

The DeFi sector lost nearly $2.5 billion to the total value in locked protocols (TVL), now at $45.44 billion.

Crypto Market Analysis – What’s in the News?

  • Coinbase will use Ripple’s legal win over the SEC to defend against the American institution’s lawsuit against it.
  • Australia’s Securities and Investments Commission (ASIC) has filed a lawsuit against eToro for alleged harmful actions against investors.

Next Week’s Crypto Market Forecast

Bitcoin live price
price change

The crypto market is far from its glory days. However, things are not as bleak as they seem at first glance. Most crypto assets are on a downtrend, but their losses are not alarming. We could soon see price corrections for many of them, albeit in the same minimal amount as their recent dips.

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