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WMA: Bitcoin Spikes to $62K while Awaiting Approval for a Futures-Backed BTC ETF

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 $2,470 trillion.
  • Bitcoin is up by nearly 7% after a spectacular weekly surge.
  • Ethereum gained more than 5% in value over the week.
  • XRP has lost roughly 10% of its value over the past seven days.
  • Almost all altcoins have registered significant gains this week.
  • The DeFi sector gained almost $8 billion in total value protocols (TVL).

Crypto Trends 11th – 17th of October 2021: Market Analysis and Performance

The crypto market ends one of the best weeks since May. As the weekend comes to a close, some cryptocurrencies are losing momentum and trading in the red. However, that doesn’t take away their impressive progress throughout the past seven days.

The overall market capitalization continues to increase after another $150 billion value boost. At the moment, it is standing at $2,470 trillion.

All eyes are on Bitcoin, as the king coin surpassed $60,000 for the first time in five months. It’s been a difficult journey for the most popular cryptocurrency globally, with many distrusting it recently. However, with the imminent approval of a futures-Backed BTC ETF on the cards, its value is surging again.

This week, Bitcoin reached as far as $62,100. However, on Sunday, it lost more than 2% of its value, and it is trading now at around $59,500. Still, it has $4,500 more than this time last week.

Ethereum has also seen its value go up this week. Although its advance is not as remarkable as BTC’s surge, it is promising nonetheless. After a roughly 5% increase, Ethereum is now trading at around $3,550.

Ripple’s XRP has gone back to its losing ways after three weeks of continuous ascent. Recent losses see it trading now at around $1.06.

Unfortunately, Cardano can’t seem to get out of its month-long slump. After the release of its smart contract-enabling hard fork, many expected ADA to go through the roof. At the moment, it hasn’t even left the ground. On the contrary, its value is steadily dropping, and now it is standing at $2.12.

Market Analysis – Altcoins & DeFi

Elsewhere, Polkadot is up by roughly 14% after announcing that parachains are ready to go live on its mainnet. Meanwhile, Binance Coin gained almost 11%, and Dogecoin is down by roughly 4%.

Last week’s surprise, Shiba Inu, proved that it was just going through a phase. After registering a 220% weekly increase last week, the Doge-mimicking coin is down by almost 10%.

The DeFi sector gained roughly $8 billion in total value protocols (TVL), now standing at nearly $98.07 billion.

Crypto Market Analysis – What’s in the News?

  • Tether was fined by Regulators for lying about fiat reserves.
  • Jack Dorsey’s Square considers building a global Bitcoin mining system.
  • Miami’s mayor wants to pay employees in Bitcoin.

Next Week’s Market Forecast

Bitcoin live price
Btc
Bitcoin
$35.399
price
1.47189%
price change
BUY NOW

Everyone is eagerly waiting to see if the U.S. will accept a futures-backed ETF for Bitcoin. Many anticipate that a favorable verdict will see the popular crypto surge far beyond its current ATH, at $64,863. This could explain the recent spike. As always, Bitcoin’s seesaw movements ripple through the entire market. So, if it were to skyrocket, the altcoins would pursue it.

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