WMA: Bitcoin Drops to $26,000 Amid Crypto Market Bloodbath

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This Week’s Summary

• The crypto market ends the week at a total market capitalization of $1,06 trillion.
• Bitcoin decreased by over 11% to around $26,100.
• Ethereum is down by almost 10% to reach around $1,660.
• XRP lost nearly 16% in value this week.
• Almost all altcoins are trading in the red, with very few exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $50 billion.

Crypto Trends 14 – 20 August 2023: Market Analysis and Performance

The crypto market closes one of its worst weeks this year. In just a few days, most assets lost massive value points, some dropping to their lowest ratings in 2023. Even the market capitalization dropped by a whopping $100 billion to remain slightly above the $1 trillion mark.

Bitcoin is the usual denominator of both crypto winters and bull runs. This time, BTC’s trajectory was an obvious sign the market experienced a rare downtrend. The king of cryptocurrencies lost nearly 12%, putting $4,000 between it and the much-coveted $30,000 level. Currently, it is still dropping, albeit at a slower speed.

Ethereum also lost considerable value this week following a 10% drop. The second crypto in command could not save face as it strayed farther and farther from the $2,000 level. And the farther it goes, the more that threshold becomes a mirage rather than an achievable goal.

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Altcoins & DeFi

A red tide swiped the altcoin sector as most assets bled heavily throughout the week. For example, XRP lost 16%, like Dogecoin and Polygon. Moreover, Shiba Inu and Litecoin lost over 20%. Elsewhere, Cardano is down by 9%, Solana by 12%, and Polkadot by 11%.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the red. For instance, The Sandbox and Decentraland are down by over 16%. Also, ApeCoin is down by 20% and Axie Infinity by 17%. Meanwhile, ICP, Render, and Theta Network are down by over 12%.

The DeFi sector added nearly $3 billion to the total value of locked protocols (TVL), now at $50.78 billion.

Crypto Market Analysis – What’s in the News?

• The SHIB team announced the launch of Shibarium Mainnet.
• New filings show that Donald Trump’s actual crypto holdings are worth millions.

Next Week’s Crypto Market Forecast

Btc

Bitcoin

$26.635
price

0.2835%
price change

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The crypto market is far from living its best days. However, things may not be as dark as they seem. After all, it’s only the first time in 2023 the market has taken such a dip. Hopefully, it will only be a blip in an otherwise exciting trajectory this year.