WMA: Bitcoin Goes Below $27,000 as the Market Takes Another Hit

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 $1,05 trillion.
  • Bitcoin decreased by nearly 4% to reach around $26,800.
  • Ethereum dropped by almost 5% to reach $1,550.
  • XRP lost almost 7% in value during a highly volatile 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 $36 billion.

Crypto Trends 09 – 15 October 2023: Market Analysis and Performance

The crypto market revival lasted less than a week as the industry took another blow to its bull run hopes. Most assets lost important points this week and reverted to more familiar support levels. Meanwhile, the market capitalization dropped by around $40 billion to settle at $1,05 trillion.

Bitcoin was flying high, above $28,000, only a week ago. Unfortunately, the hype was short-lived, and the king of crypto dropped again into its comfort zone at around $26,600. It is disappointing, especially for BTC holders, who now fear the much-expected surge will be postponed until next year.

Ethereum is one of the biggest losers this week. While it only lost 5% of its value, ETH lost much more in terms of image and potential. The second crypto in command has been fighting a losing battle against BTC for 15 months straight. Bitcoin’s most prominent rival cannot get a win and may have to settle for a downtrend from now on.

Altcoins & DeFi

Most altcoins are trading in the red, with no exceptions in the top 30 cryptocurrencies by market cap. For example, BNB is down by 3%, like Dogecoin, Shiba Inu, and TRON. Meanwhile, Cardano dropped by 5%, Solana by 6%, Toncoin by 7%, and Polygon by 8%.

Despite getting one over the SEC, Ripple’s XRP failed to profit from the momentum. Instead, it started bleeding considerably, as if its legal battle against the United States Securities and Exchange Commission was going from bad to worse. XRP is down by almost 7% this week, and its value lingers at around $0,48.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the red. For instance, Axie Infinity is down by 5%, The Sandbox by 4%, Decentraland by 5%, and ApeCoin by 4%. Elsewhere, Stacks is down by 3% and Render by 5%.

The DeFi sector lost nearly $2.5 billion from the total value in locked protocols (TVL), now at $36.66 billion.

Crypto Market Analysis – What’s in the News?

  • Mastercard announces new and successfully wrapped CBDC trial results.
  • SEC won’t appeal the court’s decision on Grayscale Bitcoin ETF.
  • Caroline Ellison, former CEO of Alameda Research, said she wanted to step down but feared a bank run on FTX.

Next Week’s Crypto Market Forecast

Bitcoin live price
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The crypto market is not a place for the faint of heart this week. The extreme volatility bounces assets from red to green and back again, leaving very little room for predictions. Hopefully, this trend will subside, and increased stability will allow cryptocurrencies to set a steady upward trajectory.

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