WMA: The Bears Stand Their Ground as Bitcoin and the Altcoins Fail to Recover

Get the weekly summary of cryptocurrency market trends, news, and forecasts!

This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $1,525 trillion.
  • Bitcoin is up by roughly 6% after a turbulent week.
  • Ethereum is up by more than 23% over the past seven days.
  • XRP has increased by 22% over the week.
  • Binance Coin and Cardano benefit from value boosts north of 30%
  • The DeFi sector gained almost $7 billion in total value protocols (TVL).

Crypto Trends 24th – 30th of May 2021: PERFORMANCE & ANALYSIS

The cryptocurrency market is putting an end to May under a strong bear grip. While the last hours of the weekend witness a slight comeback, it is too little too late for most crypto assets, which have been bleeding for two weeks straight.

The overall market capitalization only managed to gain $100 billion back from the $1 trillion it lost over a week ago in the past week. At the time of this writing, the market cap was standing at $1,525 trillion.

Bitcoin had given many of its supporters a minor heart attack mid-week when it dropped as low as $33,000. It has been a terrible month for the primary crypto. BTC saw its hopes for breaking the $60k resistance quashed by rumors, tweets, and a Chinese veto on its use.

Bitcoin is now trading at around $35,400 after a slight weekend recovery. Looking ahead, the closest levels of support lie at $33,520 and $32,465, respectively. However, the nearest resistance to break stands at $38,000, which appears insurmountable without a bullish rehabilitation.

Ethereum is doing a bit better than Bitcoin. Even though it lost almost $2,000 in value in the past two weeks, ETH is showing steady signs of recovery. An overall 23% increase over the week and a 2% boost in the past 24 hours could paint an optimistic trajectory for the month ahead. Ethereum is now trading at around $2,400.

Ripple’s XRP is also up by nearly 23% over the week. More so, it registered a 7% increase in the past 24 hours. It’s not a bad comeback, but not enough to push it past the $1 threshold. XRP is trading now at around $0.88.

The rest of the altcoins also dropped massive points throughout the week, only to recover in the last hours of the weekend. For instance, Litecoin is up by 30%, and Chainlinkgained nearly 60%. Unfortunately, both have exited the Top-10cryptos by market cap.

On the other hand, Tether made a surprising return to the Top-3 with a boost to its market cap, which now surpasses Cardano’s cap by over $10 billion.

Elsewhere, the DeFi sector added roughly $7 billion to the total value protocols (TVL), which now stand at nearly $59.94 billion.

What’s in the News?

  • One of the largest insurance and banking companies in Belgium, KBC is planning to release its own cryptocurrency.
  • S. chain of convenience stores Sheetzannounced that it will accept Bitcoin as payment.

Next Week’s Market Forecast

Nobody expected the cryptocurrency market to recover with a bang following last week’s depreciation. More so, seasoned investors will remember that the bulls usually take a much-needed rest after every run. Also, the bears being in charge is not necessarily bad, especially for new investors, who can enter the market at a low point.

Next week should see the values continue to wobble back and forth. Current events, news, and Elon Musk tweets, of course, should have relatively small impacts as well.

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This week, Bitcoin 2021 will occur between June 3 and 5 at Wynwood’sMana Convention Center in Miami, Florida (USA).

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