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WMA: Bitcoin Retains $28,000, Altcoins Thrive, CFTC Sues Binance
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 $1,172 trillion.
- Bitcoin is up by over 1% after an eventful week.
- Ethereum increased by almost 2% over the past seven days.
- XRP gained more than 16% 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 27 March – 2 April 2023: Market Analysis and Performance
The crypto market maintains its surprising resilience to bad news and events circulating the financial world. This week, the United States Commodities and Futures Trading Commission (CFTC) announced a lawsuit against Binance. The CFTC claims the leading crypto exchange neglected measures that would help prevent illicit financing.
Consequently, most crypto assets took a dive, albeit a short-lived one. Before the weekend kicked in, most were already trading back in the green. Even the market capitalization recovered, adding around $7 billion to get closer to the $1.2 trillion level.
Bitcoin dropped below $26,000 when news of the CFTC-Binance lawsuit broke out. However, the crypto king did not waste too much time there. In fact, it steadily recovered and climbed back above $28,000 by the week’s end. BTC retains that level, although its 24-hour performance is sub-par with a 1.4% decrease.
Ethereum is back in the green after failing to impress last week. The second crypto in command boasts a slight but hopeful increase of nearly 2%. This evolution helps it stay close to its perennial target of $2,000. At the time of writing, ETH was trading close to $1,800.
Altcoins & DeFi
Almost all the altcoins are trading in the green. XRP is among the top climbers for the second week, with a 16% increase. Other established performers include Cardano and Dogecoin, both up by 7%. Meanwhile, Polkadot is up by 5%, Avalanche by 1%, and Shiba Inu and TRON are both up by 3%.
Elsewhere, some altcoins are struggling in the red part of the spectrum. For example, BNB is down by over 4%, Solana by 2%, and Litecoin by 1%.
The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is up by 2%, while Axie Infinity is down by the same value. Decentraland is up by 1%, similar to ICP, while ApeCoin is up by 3%. Meanwhile, Stacks is down by 12% and The Sandbox by 3%.
The DeFi sector added nearly $0.5 billion to the total value of locked protocols (TVL), now at $50.31 billion.
Crypto Market Analysis – What’s in the News?
- Silicon Valley Bank is ready to resume operating under the new ownership of First Citizens BancShares.
- SEC Chairman Gary Gensler announces the institution’s commitment to increasing crypto regulations.
- Bittrex, one of the oldest crypto exchanges in the US, will close operations in the US due to legal complications.
Next Week’s Crypto Market Forecast
The crypto market remains strong in the face of adversity. Increased regulatory pressure from US institutions disrupts its evolution in the green, but not as bad as it used to in the past. This is a good sign for many assets looking to recover and thrive after an exhausting “crypto winter.” Hopefully, the trend will continue for the rest of April as well.