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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $1,32 trillion.
- Bitcoin increased by over 2% to reach around $35,100.
- Ethereum is up by nearly 5% to reach almost $1,900.
- XRP gained over 17% in value this week.
- Almost all altcoins are trading in the green, with virtually no exceptions.
- The DeFi sector increased the total value of protocols (TVL) to around $43 billion.
Crypto Trends 30 October – 05 November 2023: Market Analysis and Performance
The crypto market started November healthily trading into the green. Most assets record substantial value gains, with some punching way above their weights. Meanwhile, the overall market capitalization increased by over $50 billion to comfortably exceed $1.3 trillion.
Bitcoin scores back-to-back successful weeks after claiming the $35k level. The king of cryptocurrencies has been on the rise, finally leaving the comfort zone at around $26,000 behind it. Currently, it is trading well above $34,000 and seeking to surge higher. In fact, it reached almost $36,000 on Thursday before settling at nearly $1k less.
Ethereum is also flying high following a 5% value boost. The second crypto in command is back in contention for the $2,000 level, which was in its grasp a handful of times this year. If this trend continues, ETH could climb above the much-coveted threshold by the month’s end.
Altcoins & DeFi
Most altcoins are trading in the green, with almost no exceptions. For example, BNB is up by 6%, Dogecoin by 1%, TRON by 4%, and Polkadot by 14%. Meanwhile, XRP is up by almost 17%, Solana by a whopping 27%, Cardano by 15%, Toncoin by 9%, and Chainlink by 8%.
The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading comfortably in the green. For instance, Axie Infinity is up by 1%, The Sandbox by 6%, Decentraland by 7%, and ApeCoin by 4%. Elsewhere, ICP is up by 5% and Stacks by 2%.
Crypto Market Analysis – What’s in the News?
- Sam Bankman-Fried, the former CEO of FTX, was found guilty of all seven fraud charges and may face a 120-year prison sentence.
- Georgia’s National Bank selected XRP for its CBDC pilot program.
- Elon Musk launched a new AI chatbot, “Grok,” and says it can outperform ChatGPT.
Next Week’s Crypto Market Forecast
The crypto market sees better days after months of disappointing stagnation and failures. As always, Bitcoin is leading the surge, expanding its dominance and winning one level after another. It’s encouraging to see the other assets doing so well despite the SEC’s crackdown on crypto or developments in the FTX debacle. Hopefully, this trend will continue next week, as well.