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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $1,09 trillion.
- Bitcoin increased by nearly 3% to reach around $28,000.
- Ethereum dropped by almost 3% to reach $1,630.
- XRP gained almost 1% in value during a highly volatile 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 $38 billion.
Crypto Trends 02 – 08 October 2023: Market Analysis and Performance
The crypto market closes one of the most exciting weeks in recent history. Most assets started on a highly optimistic trend, with some recording significant double-digit value increases. However, almost all reversed the trajectory by Sunday and are now trading into the red. Even the market capitalization went on a rollercoaster, increasing by nearly $50 billion before reverting to $1,09 trillion.
Bitcoin is among the few assets still trading healthily into the green. The king of cryptocurrencies left the comfort zone at around $26k to reach as high as $28,500 mid-week. Unfortunately, its surge did not last, and a quick correction from the bears toned down the excitement around BTC. Currently, Bitcoin is trading only a little below $28,000.
Ethereum did not benefit from the market’s recovery the past week. The second crypto in command lost everything it had gained a week before. Moreover, its value is dripping by the hour, now getting farther from the $1,700 level. At the time of writing, ETH was trading at around $1,630.
Altcoins & DeFi
Most of the altcoins are trading in the red. For example, BNB is down by 2%, like Dogecoin, Shiba Inu, and Litecoin. Meanwhile, Cardano, TRON, and Chainlink are each down by 1% despite enjoying an excellent start to the week.
The biggest story in the altcoin sector came from Ripple this week. The company behind XRP gained another battle in the long legal war with the United States Securities and Exchange Commission (SEC). This time, the judge rejected the SEC’s request for an interlocutory appeal to one of the court’s previous decisions.
As it stands, the judge maintained that secondary sales of XRP do not constitute an investment contract. This decision favors XRP and crypto transactions in general. As a result, XRP’s value skyrocketed by over 10% as soon as the decision hit the news. Unfortunately, the investors’ enthusiasm did not last, and XRP is now back trading in the red.
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 5%, The Sandbox by 6%, Decentraland by 5%, and ApeCoin by 13%. Elsewhere, Stacks is up by 2% and Render by a whopping 14%.
Crypto Market Analysis – What’s in the News?
- Australian Police have seized crypto assets worth $1.5 Million from an alleged drug dealer.
- Kraken continues its foray into the European market after acquiring Netherlands-based crypto broker Coin Meester.
Next Week’s Crypto Market Forecast
The crypto market experienced its usual high volatility this past week. Many traders were taken by surprise when Bitcoin and other assets surged mid-week. While some may be disappointed for not acting on the quick bull run, others hope the uptrend will return next week. For now, the sentiment in the market remains positive.