WMA: Bitcoin is Still at $30,000 while Most Altcoins Soar

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 $1,194 trillion.
• Bitcoin decreased by nearly 0.5% to around $30,400.
• Ethereum is up by nearly 2% to remain above $1,900.
• XRP lost over 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 $48 billion.

Crypto Trends 26 June – 2 July 2023: Market Analysis and Performance

The crypto market maintains the uptrend it started ten days ago. Most assets have either held their gains or added a bit more on top this week. Only a handful of cryptocurrencies and digital assets dropped in value. Meanwhile, the market capitalization increased by over $3 billion, closing down on the $1.2 trillion mark.

Bitcoin continues to trade comfortably above $30,000 following BlackRock’s filing for a BTC ETF in the US. The event caused a bull run that benefitted almost everyone in the market. However, recent rumors point toward the SEC’s rejection of a BTC ETF. This could spell problems and reverse the current trend.

Ethereum added more value this week to get closer to the $2,000 level. However, a 2% increase does very little for its efforts to overcome the psychologically daunting level. It’s worth seeing whether the second crypto in command will finally make the leap next week.

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Altcoins & DeFi

Most altcoins are trading in the green, with some registering substantial gains. For example, Litecoin is up by 27% and Solana by 13%. Meanwhile, the “best climber” award goes to Bitcoin Cash, up by 57% this week. Elsewhere, BNB is up by over 3%, like TRON, Chainlink, and Polkadot.

Unfortunately, not all the altcoins are rejoicing this week. XRP is down by over 1%, similar to Cardano, Avalanche, and Dogecoin.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with winners and losers on both sides. For instance, ICP is down by 6%, but Decentraland is up by 2%. Meanwhile, Axie Infinity is up by 6% and The Sandbox by 1%. However, ApeCoin is down by 9% and Stacks by 6%.

The DeFi sector added nearly $1 billion to the total value of locked protocols (TVL), now at $48.35 billion.

Crypto Market Analysis – What’s in the News?

• MicroStrategy bought 12,333 BTC for $350 million at $28K per Bitcoin.
• Robinhood continues to lose community support, leading to new personnel firings.
• The Swiss prosecutors froze $26 million worth of Do Kwon’s assets following his 4-month prison sentence in Montenegro.

Next Week’s Crypto Market Forecast

Btc

Bitcoin

$27.349
price

0.17177%
price change

TRADE NOW

The crypto market maintained most of its gains from the unexpected bull run. Bad rumors have yet to destabilize it. However, a rebuttal from the SEC regarding BlackRock’s filing of a BTC ETF could bring the bears back in command. Hopefully, that won’t be the case, and this uptrend will also continue next week.