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WMA: Bitcoin Regains $29,000 Amid Intense Market Volatility
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 $1,205 trillion.
- Bitcoin is up by nearly 6% after a rollercoaster of a week.
- Ethereum increased by almost 2% over the past seven days.
- XRP gained more than 2% 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 $50 billion.
Crypto Trends 24 – 30 April 2023: Market Analysis and Performance
The crypto market draws the curtain on an unusual week marked by extreme volatility. Most assets are trading in the green now. However, they fluctuated immensely throughout the week, sometimes dipping severely in the red. Fortunately, the values stabilized during the weekend, bringing most cryptocurrencies back into the green. Even the market capitalization increased in value by almost $40 billion to climb above the $1.2 trillion mark.
Bitcoin regained the $29,000 level after zigzagging for most of the week. The king of crypto started trading on Monday at around $27,000. By Wednesday, it had climbed above $30,000, and many quickly forecasted a bull run toward $40k. Nevertheless, the market shot its hopes down as BTC quickly reverted to more familiar values. This way, Bitcoin ends the week happy to remain close to the much-coveted resistance level at around $29,300
Ethereum enjoys a positive end of the week after seesawing for most of it, too. The second crypto in command is now trading just below $2,000 after being close to surpassing it twice this week. Still, it is a comfortable position for ETH, hoping to get another value boost next week.
Altcoins & DeFi
Most altcoins are trading in the green, a considerable improvement to last week’s situation. For example, XRP is up by over 2%, similar to Cardano, Avalanche, and Chainlink. Meanwhile, Dogecoin is up by 1%, Solana by 7%, Polkadot by 1%, Litecoin by 4%, and TRON by 2%.
Elsewhere, BNB is down by over 2%, just like Shiba Inu, Polygon, and Monero.
The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is down by 2%, like Axie Infinity, The Sandbox, and Decentraland. Meanwhile, ApeCoin increased by 2% and IPC by a whopping 15%.
The DeFi sector added over $0.5 billion to the total value in locked protocols (TVL), now at $50.38 billion.
Crypto Market Analysis – What’s in the News?
- Phantom, a Solana-based wallet, has launched a multichain app for Ethereum and Polygon users.
- FTX is looking to sell the LedgerX exchange for $50 million.
- The First Republic Bank received a $30 billion cash injection from big American banks to avoid bankruptcy.
Next Week’s Crypto Market Forecast
The crypto market is holding its ground against extreme volatility in an uncertain economic environment. Most of its assets recover faster than usual, with some targeting ambitious levels. This is a hope-giving scenario for all crypto enthusiasts as we dive deeper into the Q2 of 2023.