WMA: Bitcoin Drops Below $60,000 as the Market Takes a Dip

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 $2,654 trillion.
  • Bitcoin is down by almost 7% after a troublesome week.
  • Ethereum dropped by almost 4% over the past seven days.
  • XRP dropped by almost 8% over the past seven days.
  • Almost all altcoins have traded in the red for most of the week.
  • The DeFi sector gained nearly $13 billion in Total Value Locked in protocols, which now stand at $104.22 billion.

Crypto Trends 15th – 21st of November 2021: Market Analysis and Performance

The crypto market is contracting after a remarkable bull run of almost six weeks. This time last Sunday, we saw most crypto assets stabilizing and sitting on their gains. Today, we see them recording significant losses across the board. As a result, the market capitalization dropped by almost $45 billion.

Bitcoin has traded in the red for most of the week. While many were hoping for the king coin to remain above $60,000, BTC’s value dropped below the epochal mark. At one point, it even dipped as low as $56,000, causing a negative sentiment that rippled through the Market.

Ethereum was the first to drop precious points. The second crypto in command did not trade in the green once this week. After a nearly 4% value loss, ETH finishes the week trading at $4,370.

Altcoins & DeFi

Ripple’s XRP has lost everything it gained in the past few weeks after losing 8% of its value this week. At the moment, it is trading a little above $1.08.

Cardano is slipping further below the $2 level it had so proudly attained recently. In the same situation is Polkadot (down by 8%), Shiba Inu (down by 14%), and Solana, which dropped by 1%.

Very few altcoins in the crypto market can celebrate trading in the green. For example, Avalanche is up by 40%, and Crypto.com’s Coin is nearly 73%.

Elsewhere, the play-to-earn sector is rapidly growing, with many projects surging this week. Among them are Decentraland, Axie Infinity, and Enjin Coin.

The DeFi sector gained roughly $13 billion in total value protocols (TVL), which now stand at nearly $104.22 billion.

Crypto Market Analysis – What’s in the News?

  • Popular crypto betting platform Kineko announces migration to Solana
  • Hillary Clinton thinks crypto could destabilize countries and threaten the Dollar as a global reserve currency

Next Week’s Crypto Market Forecast

Bitcoin live price
price change

The market sentiment is negative at the moment. Therefore, the forecast for the next few days is not all glitter and gloom. Nevertheless, the middle of the week will see the Blockchain Expo 2021 taking place in Amsterdam and online. Many industry-leading companies are attending it. And, any surprising announcements regarding blockchain technology might help the crypto market turn its fortune around.

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