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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $1,17 trillion.
- Bitcoin increased by over 1% to around $29,400.
- Ethereum is up by almost 1% to reach around $1,850.
- XRP lost nearly 1% in value this week.
- Almost all altcoins are trading in the green, with very few exceptions.
- The DeFi sector increased the total value of protocols (TVL) to around $47 billion.
Crypto Trends 07 – 13 August 2023: Market Analysis and Performance
The crypto market closes a largely uneventful and somewhat positive week. August started sluggishly for most assets as they tried to overcome their recent losses. Most cryptocurrencies are back trading in the green, albeit not by much. The market capitalization increased by around $10 billion.
Bitcoin has been on a slippery slope for several weeks, taking it below the $29,000 level. However, the king of cryptocurrencies made a much-anticipated recovery this week, going as far as challenging $30k again. Unfortunately, BTC could not climb above the much-coveted level and fell short of its ambitions. Currently, Bitcoin is trading at around $29,400.
Ethereum also returned to its gaining ways by increasing slightly over the week. Still, its 1% value boost is not enough to rekindle optimism for the second crypto in command. On the contrary, it only confirms the coin’s seesawing trajectory, unlikely to help its efforts of reaching $2,000 soon.
Altcoins & DeFi
Most altcoins are trading in the green, although only a few record considerable growth. For example, Shiba Inu is up by 9% and records a third consecutive week of solid gains.
Elsewhere, XRP continues to bleed on the back of a 1% loss similar to Cardano. Solana is up by 7% and Toncoin by a whopping 19%. Meanwhile, Dogecoin, Polygon, TRON, and Polkadot are each up by around 1%.
The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the green. For instance, The Sandbox and Decentraland are down by over 1%. However, ApeCoin is up by 3%, and Axie Infinity by 2%. Meanwhile, ICP, Render, and Theta Network are up by 1%.
Crypto Market Analysis – What’s in the News?
- According to Donald Trump’s 2023 OGE financial disclosure documents, the former US President owns between $250K and $500K worth of ETH.
- El Salvador has recently provided regulatory approval for the world’s leading cryptocurrency exchange, Binance.
Next Week’s Crypto Market Forecast
The crypto market is in limbo between a ruinous crypto winter and a long overdue bull run. Most assets are seesawing in their comfort zones. When surging, they gain very little, which they lose as soon as the market goes into the red. This trend will likely continue next week, with hope for better times on the horizon.