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WMA: Bitcoin Tops $30,000, Ethereum and Altcoins Soar
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 $1,270 trillion.
- Bitcoin is up by over 8% after an unremarkable week.
- Ethereum increased by almost 14% over the past seven days.
- XRP gained more than 3% in value this week.
- Almost all altcoins are trading in the green, with a few exceptions.
- The DeFi sector increased the total value of protocols (TVL) to around $54 billion.
Crypto Trends 10 – 16 April 2023: Market Analysis and Performance
The crypto market closes one of its best weeks of 2023. Most assets experienced a significant surge in value following positive events in the industry. As a result, the market capitalization increased by over $100 billion and, at one point, had topped the $1.3 trillion mark.
Bitcoin is flying high on the back of an 8% value boost that took it past the $30,000 resistance level. The king of cryptocurrencies is back above $30k for the first time in 10 months. It is an impressive and somewhat surprising achievement for an asset that had finished last year at nearly half the value.
Ethereum successfully completed the Shanghai (Shapella) upgrade on Wednesday. The event helped it increase considerably in value and took it past the much coveted $2,000 level. Currently, the second crypto in command is trading at around $2,100.
Altcoins & DeFi
The altcoin sector is thriving, and only a few assets can lament underperforming this week. For example, BNB is up by 7%, XRP by 3%, and Cardano by 15%. Meanwhile, Dogecoin increased by almost 10% and Polygon by 5%. Polkadot and Avalanche are up by 10%, Litecoin by 7%, and Shiba Inu by 6%.
One of the week’s top climbers is Solana, with a nearly 20% value increase. Elsewhere, TRON failed to add any value this week, being one of the underachieving altcoins.
The Metaverse sector shares the same sentiment as the rest of the crypto market. For instance, Theta Network is up by 9%, just like Axie Infinity. Also, Decentraland increased by 7%, similar to ApeCoin. ICP is up by a whopping 18%, while Stacks and The Sandbox are up by 7%.
The DeFi sector added nearly $4 billion from the total value in locked protocols (TVL), now at $54.05 billion.
Crypto Market Analysis – What’s in the News?
- FTX attorneys recovered almost $7.3 billion from the company’s assets following its bankruptcy.
- El Salvador granted its first-ever crypto license to Bitfinex.
- The US House of Representatives passed Montana Bill No. 178, validating digital assets as personal property.
Next Week’s Crypto Market Forecast
The crypto market enjoys a good bull run to the joy of investors and traders everywhere. The overall crypto sentiment has improved significantly since the year’s start. We can only hope this trend will also continue in the coming weeks.