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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $1,220 trillion.
- Bitcoin maintains its value at around $30,300.
- Ethereum is up by nearly 4% to reach around $1,940.
- XRP gained a whopping 60% in value this week.
- Almost all altcoins are trading in the green, with very few exceptions.
- The DeFi sector increased the total value of protocols (TVL) to around $48 billion.
Crypto Trends 10 – 16 July 2023: Market Analysis and Performance
The crypto market is on the brink of a promising bull run following an eventful week. In a historic decision, a court ruled that most XRP sales are not classified as securities transactions. The verdict means Ripple won the three-year legal battle with the US Securities and Exchange Commission (SEC).
For too long, the lawsuit had cast a long shadow over Ripple and the future of cryptocurrencies. However, XRP’s win means that other cryptos facing similar allegations stand a chance against the SEC and its vicious crackdown on digital assets.
The news had a positive impact on the crypto market and most cryptocurrencies. As a result, the market capitalization increased by around $40 billion.
Bitcoin and its value don’t seem to care much about Ripple’s win over SEC. In fact, the king of crypto maintains a similar value to last Sunday’s $30,300. It may not seem much, but BTC staying above $30k is a win, considering its usual tendency to succumb to extreme fluctuations.
Ethereum is on its way back toward the much coveted $2,000 level. The second crypto in command is up 3% this period, timidly joining the general uptrend of the market. ETH will require more consistency than it has shown lately to reach its goal. However, traders believe the upcoming bull run could finally take it there.
Altcoins & DeFi
Most altcoins are trading in the green, with some scoring impressive gains. This week’s winner is undoubtedly XRP, boasting a triumphant 60% increase. More and more supporters are filling its ranks now that victory over the SEC has become clear. XRP is currently trading at around $0.75.
Elsewhere, BNB is up by 6%, Cardano by 12%, Solana by 30%, Dogecoin by 8%, and Polygon by 14%. Meanwhile, Polkadot is up by 6% and Avalanche by 5%, similar to Shiba Inu and UNUS.
The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the green. For instance, ICP is up by 2%, Decentraland by 9%, and Axie Infinity by 8%. Meanwhile, ApeCoin increased by 3%, Theta Network by 9%, and The Sandbox by 8%.
Crypto Market Analysis – What’s in the News?
- “Rich Dad, Poor Dad” author, Robert Kiyosaki, sticks with investments in BTC, gold, and silver, amid the US removing debt ceiling.
- The SEC still gets a win this week after ex-Celsius CEO Alex Mashinsky was arrested. The two parties are engaged in a long and arduous legal battle.
Next Week’s Crypto Market Forecast
The crypto market is flying high following Ripple’s win over the SEC. It didn’t take long for investors to increase their support for cryptocurrencies. This is visible in the growth of assets like Solana, Cardano, and Polygon. XRP’s stamped and sealed triumph could have long-term positive effects on the market, possibly sparking a new bull run.