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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $1,05 trillion.
- Bitcoin maintains its value at around $26,100.
- Ethereum continues to trend at around $1,660.
- XRP lost nearly 2% in value this week.
- Almost all altcoins are trading in the green, with a few exceptions.
- The DeFi sector decreased the total value of protocols (TVL) to around $49 billion.
Crypto Trends 21 – 27 August 2023: Market Analysis and Performance
The crypto market ended a period of contraction following the bloodbath nearly 10 days ago. These are not the best days for cryptocurrencies, as most struggle to remain afloat. Meanwhile, the market capitalization dropped again, albeit not by much, to stay above the $1 trillion mark.
Bitcoin was the object of intense market speculation this week. As its price dropped by almost $4,000, the whales rushed to grab the spoils. Some estimate that the biggest Bitcoin holders added more than $300 million worth of BTC. For now, the king of crypto trades just a little above $26,000.
Ethereum followed in Bitcoin’s steps by ending a largely uneventful week. The second crypto in command dropped by only 0.5%. Therefore, it maintains its trading value at around $1,600, far from the much-coveted $2,000 level.
Altcoins & DeFi
The altcoin sector is seeing relatively better days than last week. For example, BNB is up by 1%, TRON by 2%, Toncoin by 6%, and Litecoin by around 2%.
Nevertheless, most altcoins are struggling to get back into the green. For instance, XRP is down by 2%, like Cardano, Polygon, and Shiba Inu. Solana is down by 5%, like Avalanche and Stellar.
The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the red. For instance, Axie Infinity is down by 1%, The Sandbox by 2%, Decentraland by 1%, and ApeCoin by 11%. Only ICP is up by 1%, like Theta Network.
Crypto Market Analysis – What’s in the News?
- The Bitcoin whales’ activity took BTC mining difficulty to an all-time high (ATH).
- Brazilian Football legend Ronaldinho is investigated for allegedly participating in a crypto scam.
- A class action lawsuit has been filed against Atomic Wallet after a $12 million loss.
Next Week’s Crypto Market Forecast
The crypto market remains in bear territory for another week as the assets struggle to recover quickly. The significant cryptocurrencies could take a while to recover from the strongest blow yet this year. Therefore, crypto enthusiasts may have to wait more for a proper bull run to bring their hopes to fruition.