WMA: Bitcoin Stalls at $26K as the Market Continues to Shrink

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 $1,03 trillion.
  • Bitcoin maintains its value at around $25,750.
  • Ethereum dropped by 1% to reach around $1,615.
  • XRP lost nearly 2% 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 $49 billion.

Crypto Trends 04 – 10 September 2023: Market Analysis and Performance

The crypto market is slowly but steadily weakening with every passing week under the bears’ heavy claw. While the value drops are generally insignificant, they maintain most assets in the red. For some, losing 1-2% of their value is only a nuisance. However, for others, it represents the entire summer gain. Meanwhile, the market capitalization dropped by another $10 billion.

Bitcoin is trading at the same value as last week. Still, a 0.4% drop prevents it from keeping the $26,000 level. The king of cryptocurrencies seems to struggle to regain control and push for higher values. Currently, BTC is trading at around $25,750.

Ethereum is dropping around 1% weekly. It may not seem much, but to long-time coin supporters, this slope could quickly become a steep drop. The second crypto in command is gradually heading toward the wrong side of the $1,600 level.

Altcoins & DeFi

Most of the altcoins are trading in the red. For example, XRP is down by 2%, Solana by 7%, and Cardano and Dogecoin by 3%. Moreover, Polkadot, Litecoin, Shiba Inu, and Polygon are each down by over 4%.

Only a handful of altcoins are thriving this week. It is the case of TRON, up by 2%, Stellar, up by 10%, and UNUS recording a 3% increase.

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 2%, The Sandbox by 3%, Decentraland by 2%, and ApeCoin by 8%. Even ICP is down by 4% after a dreadful week. Only Render, up by 9%, and Enjin, up by 3%, are enjoying a better period.

The DeFi sector added nearly $0.3 billion to the total value of locked protocols (TVL), now at $49.25 billion.

Crypto Market Analysis – What’s in the News?

  • Linus Financial, a Nashville-based crypto initiative, has settled its legal dispute with the SEC out of court.
  • FTX, the bankrupt crypto exchange, still hopes it can retrieve some of the money it paid celebrities for their public endorsement of the platform.

Next Week’s Crypto Market Forecast

Bitcoin live price
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The crypto market is going through a considerable period of contraction. Following a positive first half of 2023, most assets are now taking a few steps back. Unfortunately, for some, this means losing all their hard-earned gains. Hopefully, the trend will turn soon to save them from another disastrous year.

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