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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $1,149 trillion.
- Bitcoin trades at a similar value to last week’s $27,200.
- Ethereum is up by almost 4% after a favorable period.
- XRP gained nearly 12% in value this week.
- Almost all altcoins are trading in the green, with only a few exceptions.
- The DeFi sector increased the total value of protocols (TVL) to around $49 billion.
Crypto Trends 29 May – 4 June 2023: Market Analysis and Performance
The crypto market stagnates for another week, with most assets moving only slightly around the same values. Moreover, very few cryptocurrencies catch the eye with spectacular rises. Even the market capitalization remained essentially at the same value, increasing by only $13 billion.
Bitcoin trades comfortably only slightly above the $27,000 level. The king of crypto settled in this region weeks ago, and it doesn’t seem like it will move any time soon. Nevertheless, its dominance across the crypto board remains intact.
Ethereum continues its assault on the $2,000 level, albeit its efforts are far from jaw-dropping. This week, the second crypto in command has gained nearly 4% in value. Currently, ETH is trading a little above $1,900.
Altcoins & DeFi
Most altcoins are trading in the green, even if their gains are not far from astounding. For example, XRP is up by nearly 12%, cementing its position above $0.5. Elsewhere, Cardano is up by 2%, Dogecoin by 1%, Solana by 8, TRON by 6%, and Litecoin by 7%. Meanwhile, BNB dropped by 1%, Polygon by 2%, and Shiba Inu by 1%.
The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, The Sandbox is up by 4%, and Render Token trades at around $2.6, like last week. Also, Axie Infinity increased by 2% and Decentraland by 3%. On the other hand, ApeCoin is down by 3% and ICP by almost 2%.
Crypto Market Analysis – What’s in the News?
- Another popular crypto storage solution, Atomic Wallet, was subject to a hacker attack draining several accounts of substantial crypto funds.
- Tether plans to launch sustainable Bitcoin mining operations in Uruguay.
- Gemini is considering expanding to the UAE to escape the increasing regulatory restrictions in the US.
Next Week’s Crypto Market Forecast
The crypto market maintains the positive trend that started in January. Despite pessimistic rumors, most crypto assets have reached stability and continuity, which should help them as soon as the next bull run begins. Hopefully, this situation will go on as we reach this year’s midpoint.