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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $1,2 trillion.
- Bitcoin dropped by 1.5% and below $30,000.
- Ethereum is down by over 3% to reach around $1,840.
- 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 17 – 23 July 2023: Market Analysis and Performance
The crypto market is taking a few steps back after a few good weeks of much-needed consolidation. Most assets are trading into the red, albeit not by much. So, while they lost some precious value points, they are not on the brink of catastrophe. Even the market capitalization decreased by only around $20 billion.
Bitcoin lost over $500 of its value, which caused it to slide a little below $30,000. It’s not the end of the world for the king of cryptocurrencies that had been consolidating above $30k for weeks. Many were expecting BTC to run for it, but rather in the opposite direction. It trades at around $29,900 for now, just ahead of the next period.
Ethereum lost yet another good chance of climbing above $2,000. The second crypto in command lost over $100 this week. This drop sees it struggle with what is now a 14-month-long battle to regain the $2k level.
Altcoins & DeFi
Most altcoins are trading in the red, although a few record considerable gains. Last week’s top climber, XRP, is coming down from an unexpected high. Its parent company may have won a lengthy legal battle with the SEC. However, rumors of the American institution preparing a strong appeal have quenched the traders’ optimism. As a result, XRP is now trading below $0.75.
Elsewhere, BNB is down by 2%, Cardano by 1%, Solana by 12%, Litecoin by 3%, and Polygon by 4%. Meanwhile, Polkadot is up by 1%, Dogecoin by 1%, Chainlink by 19%, and Stellar by 18%.
The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the green. For instance, ICP is up by 2%, ApeCoin by 4%, and Axie Infinity by 2%. Meanwhile, Decentraland decreased by 3%, Render by 5%, and Stacks by 4%.
Crypto Market Analysis – What’s in the News?
- According to its financial reports, Tesla has not sold any of its bitcoins for over a year.
- US Presidential candidate Robert F. Kennedy declared he would back the US Dollar with Bitcoin if he won the elections.
Next Week’s Crypto Market Forecast
Despite a minor setback, the crypto market is maintaining a solid position and a positive sentiment. While most assets are bleeding, they are far from a full-on bloodbath. Hopefully, the next period will see them return to their winning ways, and the bears losing control.