Yet another government official is waking up to Bitcoin’s significance beyond its role as an asset. Rand Paul – Republican senator and well-known libertarian – recently questioned whether “cryptocurrency” could become the world reserve currency. As Bitcoin gains traction and legitimacy around the world, this reality grows ever-more plausible. Weakening Trust in Government Money Rand Paul aired his thoughts in an interview with Axios on Friday. The senator surmised that as trust in government decreases, “cryptocurrency” could “actually become the…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $2,120 trillion.
- Bitcoin is up by nearly 4% in comparison with last Sunday.
- Ethereum lost 2% in value over the week.
- XRP is down by roughly 4% after a troublesome week.
- Most altcoins, except Avalanche, have traded in the red for most of the week.
- The DeFi sector gained almost $1.4 billion from the total value protocols (TVL).
Crypto Trends 13th – 19th of September 2021: Market Analysis and Performance
It’s been an uneventful week for the cryptocurrency market. Bitcoin continues to increase, but not spectacularly. Most altcoins continue to bleed heavily, and the DeFi sector stagnates. However, despite all of this, the crypto market remains in a positive trend. That is visible in the market capitalization, which increased by more than $60 billion.
Bitcoin added more than $2,000 to its value this week. And, while it traded above $48,000 for a couple of days, it has reverted below it over the weekend. We should also mention the Golden Cross that BTC painted this week, which is usually a positive sign. Bitcoin is trading today at around $47,300.
Ethereum continues its disappointing trajectory, which should soon take it below $3,000. It’s another 3% weekly loss for the second crypto in command, and the $4,000 mark seems farther than ever. Ethereum is now trading at around $3,430.
Cardano launched its Alonzo mainnet upgrade this week. The event introduces smart contract capabilities to Cardano’s network for the first time. And, while it should have helped it surge, it had the opposite effect. Simply put, the coin lost more than 13% over the week. ADA is now trading at around $2.34
Altcoins & DeFi
The only altcoin seemingly celebrating is Avalanche. The AVAX token is up by almost 14%, now trading at nearly $73. The news is surprising enough because the up-and-coming platform has suffered a $3.2 million loss after a pool hack this week.
Crypto Market Analysis – What’s in the News?
- $SHIB spikes after Coinbase listing and Elon Musk’s cryptic endorsement.
- Ark Investment looks to explore cryptocurrencies more by investing in Canadian EFTs.
- Treasury keeps a hawk’s eye on stablecoins as U.S Crypto Regulation calls continue.
Next Week’s Market Forecast
It’s not the best of times for the crypto market as most coins experience seesaw movements. This week’s gains become next week’s losses and vice-versa. So far, signs of a bull run are far and few in between. So, we can only delight ourselves with up-and-coming projects like Avalanche that grow substantially from one day to another.