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WMA: Bitcoin Stagnates, Altcoins Bleed, and New Memecoin Pepe Surges by 300%

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 $1,192 trillion.
  • Bitcoin is down by nearly 1% after an uneventful week.
  • Ethereum increased by almost 1% over the past seven days.
  • XRP lost more than 3% in value this week.
  • Almost all altcoins are trading in the red, with very few exceptions.
  • The DeFi sector maintains the total value of protocols (TVL) at around $50 billion.

Crypto Trends 01 – 07 May 2023: Market Analysis and Performance

The crypto market began May in an unspectacular fashion. Most of its assets retain similar values to those at the end of April. Some altcoins are bleeding, but not alarmingly. Meanwhile, new faces in the meme sector have stirred the pot with jaw-dropping value boosts. Lastly, the market capitalization decreased in value by roughly $13 billion, dropping a little below the $1.2 trillion mark.

Bitcoin went on a short rollercoaster this week, always seesawing around the $30,000 level. The king of cryptocurrencies maintains its overwhelming dominance without significant changes. Despite its 1% drop in value, BTC continues to trade at roughly $29,000. It’s not much, but it’s an optimistic feat to achieve before summer rolls in.

Ethereum is up by 1%, making small but decisive steps towards conquering $2,000. The second crypto in command set its sight on the much-coveted resistance level weeks ago. Soon, it should commit to a more decisive attack and solidify its position above it.

Altcoins & DeFi

Most altcoins are trading in the red, albeit their losses are insignificant. For example, XRP is down by nearly 4%, similar to Cardano, Dogecoin, Avalanche, and Chainlink. Meanwhile, Polygon decreased by 2%, Solana by 5%, Polkadot by 6%, Litecoin by 7%, and Shiba Inu by 8%.

Elsewhere, BNB is up by over 1%, TRON by 3%, and Monero by 2%. However, none of them win the Climber of the Week award. This week, that unofficial prize goes to Pepe, a new memecoin surging by over 320% in its first days of life.

The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is down by 6%, like Axie Infinity, The Sandbox, and Decentraland. Meanwhile, ApeCoin dropped by 11% and IPC by a whopping 9%.

The DeFi sector added over $0.1 billion to the total value of locked protocols (TVL), now at $50.46 billion.

Crypto Market Analysis – What’s in the News?

  • Coinbase reported a $79 million net loss for the first quarter of 2024.
  • The Biden Administration pressures the US Congress to pass a 30% tax on Bitcoin mining.
  • The Kenyan authorities intend to implement a 3% tax on crypto transfers.

Next Week’s Crypto Market Forecast

Bitcoin live price
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The crypto market maintains a strong position despite the slight value drops for some of its assets. This week has seen many cryptocurrencies lose a small portion of their April gains. However, the red values are not worrying enough to create FUD. Hopefully, the trend will reverse next week.

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