While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $2,375 trillion.
- Bitcoin calls it even with a measly 0.4% loss in value over the week.
- Ethereum is up by 28% after setting yet a new ATH.
- XRP is down by almost 7% after a rough week.
- Binance Coin increased by more than 5% throughout the week.
- The DeFi sector added more than $16billion to the total value protocols (TVL).
Crypto Trends 03rd – 09th of May 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market started May on the right foot. First off, most of the altcoins increased their recent gains, with Ethereum and Cardano among the big winners. Secondly, the market capitalization increased by nearly 300 billion dollars over the week. Now, it stands at $2,375 trillion.
Unfortunately, we can’t say the same about Bitcoin. The primary cryptocurrency is still struggling to overcome its late April slump. This week, BTC’s value dropped as low as $54,000 on Tuesday. Two days later, it spiked up to $58,000. However, it wasn’t enough to keep it trading in the green.
After almost breaking even, Bitcoin is now trading at around $57,200. As Ethereum and the ensuing altcoins increase consistently in value, BTC sees its total market dominance drop down to 44%. Moreover, it hasn’t been that low in the last three years.
Ethereum records a 28% over the past seven days. At this point, it is redundant to mention that the second crypto in command has set yet another all-time high (ATH), this time at $3,981.26. This impressive surge fuels the investors’ wildest dreams, with some predicting Ethererum to “dwarf” Bitcoin in the future.
After struggling to reach $2,000 only three months ago, ETH is now ready to go beyond the psychological resistance level at $4,000. Ethereum is now trading at around $3,820.
Ripple’s XRP was almost making a spectacular comeback to the top-3 cryptos by market cap last week. Unfortunately, investors will have to wait for the much with Binance Coin. This week, XRP lost almost 7% of its value. So, it dropped back to the 7th position in the table. Its market cap is now just a bit above $51 billion, which is almost half of Binance Coin’s market capitalization XRP is trading now at around $1.50.
Most of the altcoins traded in the green throughout the week. The most impressive climb was that of Dogecoin, the meme-crypto that dares to challenge the status quo. After a nearly 14% increase in value, Dogecoin reached a market cap of $56 billion, which is just enough to help it finish this week on the 4th position in the market cap table.
During the weekend, Dogecoin started to descend alarmingly fast. However, the drop wasn’t a sign of market stabilization. On the contrary, an appearance by Elon Musk on the popular TV show Saturday Night Live resulted in the joke coin plummeting.
Dogecoin lost more than 32% of its gains in just a few hours, which shows that some of its investors decided to cash in and trade up. At the moment, Dogecoin is trading at around $0.48.
Meanwhile, a Dogecoin-inspired token, Shiba Inu (SHIB), is up 500% after the best week in its existence. However, those investors looking to jump on the next meme-token wagon should know that SHIB is now trading at $0.00001489.
Binance Coin registered a 5% increase in value, and it is now trading at around $664. Polkadot is also up by almost 5%. Meanwhile, Cardano registered a 27%, and it is now trading at almost $2. Similarly, Litecoin is up by nearly 27% and Chainlinkby nearly 21%.
What’s in the News?
- A recent survey shows that over 40% of Mastercard users want to use cryptocurrencies as payment within the next 12 months.
- PayPal reported $6 billion in revenue for the Q1 of 2021, and, according to its CEO, Dan Schulman, it is all thanks to the company embracing cryptocurrencies.
Next Week’s Market Forecast
Many expected Bitcoin to rise continuously throughout 2021. However, it seems to be Ethereum’s year so far. The popular crypto has set one ATH after another, and there seems to be no end in sight for its ascension. After doubling its value in less than three months, Ethereum might reach $6,000 before Bitcoin manages to cement its position above $60,000.
The next week should see Bitcoin’s much-anticipated return and the altcoin revival continue. However, not all altcoins should trade in the green, with some expected to lose their recent gains. (We’re looking at you, Dogecoin!)