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

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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.

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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

Btc

Bitcoin

$26.632
price

0.34003%
price change

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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.