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WMA: Bitcoin Recovers from Just Under $30k after Elon Musk’s U-Turn

Get the weekly summary of cryptocurrency market trends, news, and forecasts!

This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $1,377 trillion.
  • Bitcoin is up by roughly 7% after a turbulent week.
  • Ethereum has increased by over 8% over the past seven days.
  • XRP records a 1% value boost over the week.
  • Dogecoin, Polkadot, and Cardano end the week with minor value increases.
  • The DeFi sector added almost $7 billion to the total value protocols (TVL).

Crypto Trends 19th – 25th of July 2021: PERFORMANCE & ANALYSIS

The cryptocurrency market had one of its most spectacular weeks of the year. After massively bleeding across the board for over two days, most of the crypto assets recovered mid-week. While it’s still early to tell, it looks like the bulls are back in the game.

The market capitalization increased by more than $70 billion to stand at a little over $1.377 trillion at the time of writing.

Bitcoin can thank its lucky stars and, of course, Elon Musk too for regaining a valuable position above $30,000. After several weeks of depreciation, the leader of all cryptocurrencies dropped below the psychological $30k mark this Tuesday.

After the impressive surge to $64k, it was the first time that Bitcoin receded that much. Fortunately, the cries of desperation from investors who bought at $50,000 didn’t last long. On Wednesday, the much-anticipated debate between tech/financial gurus Elon Musk, Jack Dorsey, and Cathie Wood discussed Bitcoin during an online event called B Word.

While many viewers described the event as “B for boring,” the debate had a few interesting points, and one of them regarded Bitcoin adoption. That’s when Elon Musk casually said that Tesla might accept Bitcoin payments again at one point in the future.

It wasn’t much, but it was enough to wake up the bulls. Then, almost magically, Bitcoin’s trading price recovered, and in less than three days, it almost reached $35,000.

Again, it takes a few words from here and there to move the BTC value one way or another. We shall see if such future debates will have another similar impact. For now, Bitcoin is trading at around $33,880 after a 7% weekly increase.

Bitcoin wasn’t the only cryptocurrency to come out on top after the B-Word debate. Ethereum also saw a surge in price, especially after Musk admitted that he owns ETH and plans on keeping it for the long term.

It’s worth noting that Ethereum was struggling for a few weeks, too. Only last Sunday, it was trading below the psychological $2,000 level. Fortunately, Musk’s words convinced others that Ethereum is worth it, and its price skyrocketed shortly after the event. Ethereum is now trading at around $2,115.

Ripple’s XRP did not benefit from any favors from the B-Word team. However, it exploited the market’s uprise to increase by a measly 1%. XRP is trading now at around $0.5918.

Elsewhere, Cardano registered a 1% value boost to get back at the same trading value last Sunday, which is $1.20.

Most of the altcoins traded in the red throughout the week and recovered after Bitcoin’s surge back above $30,000. Nevertheless, most of them recorded small increases in the trading price. For instance, Polkadot is up by 5%, and Dogecoin is down by 3%. Unfortunately, Binance Coin is down by more than 2%.

Elsewhere, the DeFi sector gained roughly $7 billion in total value protocols (TVL), which now stand at nearly $61.39 billion.

What’s in the News?

Next Week’s Market Forecast

While many hope otherwise, the recent bullish run is unlikely to last for too long. As the weekend draws to an end, most crypto assets record small but worrying, and the value drops for the past 24 hours. In fact, most of the top-20 cryptocurrencies by market cap are almost losing their recent gains.

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Next week should continue in the usual highly volatile way. Many of the crucial events on the horizon, such as Ethereum’s London upgrade scheduled in August, should shake things up more than the recent online debates.

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