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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $2,546 trillion.
- Bitcoin is down by nearly 1% despite a historic surge this week.
- Ethereum is up by nearly 5% after setting a new ATH this week.
- XRP is down by more than 4% after a disappointing week.
- Almost all altcoins have registered significant gains this week.
- The DeFi sector surpassed the $100 billion level in TVL after gaining almost $5 billion this week.
Crypto Trends 18th – 24th of October 2021: Market Analysis and Performance
The crypto market ends yet another productive week with new all-time highs for many of its significant assets. Also, the overall market capitalization continues to increase after another $76 billion value boost. At the moment, it is standing at $2,546 trillion.
The best news comes from Bitcoin, as the king coin set a new all-time high (ATH) at $66,930.36 on Wednesday. Behind the sudden surge in value was the approval of the first-ever futures BTC ETF in the US. On that same day, the Securities and Exchange Commission (SEC) approved BITO. And, the futures-backed Bitcoin ETF registered over $1 billion in trading volume in its first 24 hours.
In the hours that followed, many expected BTC to rise above $70,000 and beyond. However, a flash crash on Binance US brought its ambitions down by more than $8,200 in an instant. And, with it, the entire market lost precious gains. Apparently, over $500 million in Bitcoin liquidations led to the crash.
For the rest of the week, Bitcoin stabilized at around $60,000. At the moment, it is trading at approximately $60,743.
Ethereum is another leading coin that has set a new ATH this week. The second crypto in command managed to increase to as high as $4,366.09. Unfortunately, the BinanceUS crash brought it back a notch. Ethereum is now trading at around $4,055.
Altcoins & DeFi
Ripple’s XRP can’t seem to get a grip on whether the crypto market is rising or dropping. Even as many cryptocurrencies are heading towards mainstream adoption, this asset hovers around $1, as it did for years. And, at the time of writing, it was trading at about $1.09.
Another poor-performing coin is Cardano, with a 2% drop in value this week. Only a month ago, many dubbed it as the ideal “Ethereum-killer.” Unfortunately, ADA is heading in the opposite direction. At the moment, it is struggling to remain above the $2 level and trading at $2.13.
Elsewhere, Polkadot is up by roughly 3%. Meanwhile, Binance Coin gained almost 2%, and Dogecoin is up by approximately 3%.
The DeFi sector gained roughly $5 billion in total value protocols (TVL), which now stand at nearly $103.05 billion. It is the first time in history that the value of decentralized finance surpasses $100 billion.
Crypto Market Analysis – What’s in the News?
- Major American Bank and Credit Union enable clients to buy Bitcoin
- Grayscale files to turn its Bitcoin Fund into a Spot ETF.
- Man arrested after kidnapping boy who held Bitcoin.
Next Week’s Crypto Market Forecast
SEC’s approval of a futures-backed ETF for Bitcoin produced the effects that many expected for the crypto market. And, if it wasn’t for the flash crash on BinanceUS, the surge could have been even more spectacular. Nevertheless, the king coin should stabilize at around $60,000 and grow beyond it after five months of seesawing.