WMA: Bitcoin Trades Above $50,000 and Altcoins’ Value Goes Through the Roof

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 $2,295 trillion.
  • Bitcoin is up by more than 3% as it trades again above $50k.
  • Ethereum closes in on the $4,000 level with a 23% increase over the week.
  • XRP is up by roughly 12% in comparison to last Sunday
  • Solana, Dogecoin, and Polkadot end the week with significant value boosts.
  • The DeFi sector dropped more than $16 billion from the total value protocols (TVL).

Crypto Trends 30th of August – 05th of September 2021: Market Analysis and Performance

We start this crypto market analysis with some of the best news we had in weeks. Firstly, the market capitalization increased by more than $200 billion. Now, it is well above the $2 trillion mark, and there are no signs of it decreasing anytime soon.

Secondly, Bitcoin finally managed to overcome the $50,000 level. Even more, it continues to trade above it after a steady rise throughout the week. So, things are looking up for the primary crypto after a largely disappointing summer. Above all, some industry experts expect BTC to surpass $100,000 by the end of the year. Bitcoin is trading at around $50,203 at this moment.

Ethereum is also riding high after a spectacular value surge over the week. The second crypto in command is very close to establishing a position above $4,000. Ethereum is now trading at around $3,930.

Ripple’s XRP is surprisingly on the rise as well. After a nearly 12% increase over the week, it is now on the road to regaining its previous losses. XRP is trading at around $1.13.

At the time of this writing, Cardano was trading in the red. However, this downward trajectory is new because the coin has been surging throughout the week. For instance, it even surpassed the psychological level at $3 and set a new ATH at $3.10. It might be only a short slump in form for ADA, now trading at around $2.87.

Elsewhere, Polkadot is up by almost 30%, Solana has increased by 48%, and Binance Coin is up by more than 1%. The once-joke token, Dogecoin, is also up by roughly 8%. Lastly, Polygon is up by 18% after news of its imminent merger with Coinbase.

The DeFi sector gained roughly $16 billion in total value protocols (TVL), which now stands at nearly $98.64 billion.

Crypto Market Analysis – What’s in the News?

Next Week’s Market Forecast

Bitcoin live price
price change

It’s a good start to September for the crypto industry. Bitcoin is back above $50,000, and Ethereum shows no stop in its quest for setting a new ATH. More so, the altcoins now represent a viable investment opportunity with spectacular value surges. Let’s hope that the next weekly crypto market analysis will find us in similarly high spirits.

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