WMA: The Bulls Are Back as Bitcoin Tops $40,000 and Altcoins Record Massive Gains

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 $1,655 trillion.
  • Bitcoin is up by roughly 21% after an enthusiastic week.
  • Ethereum has increased by over 19% over the past seven days.
  • XRP records a 25% value boost over the week.
  • Dogecoin, Polkadot, and Cardano end the week with significant value boosts.
  • The DeFi sector added almost $10 billion to the total value protocols (TVL).

Crypto Trends 26th of July – 01st of August 2021: PERFORMANCE & ANALYSIS

The cryptocurrency market is finally all smiles after one of the best weeks in its recent history. After bleeding heavily for almost three months, Bitcoin and most altcoins regained some of the lost ground as they traded in the green for most of the week.

The market capitalization also received a healthy boost after increasing by nearly $300 billion, and it is standing at $1.655 trillion at the time of writing.

After falling miserably below the $30,000 mark a little over a week ago, Bitcoin recovered spectacularly this week. In fact, it is up by no less than $8,000, and it is trading at around $41,700 as of Sunday, August 1st. Its ascension was steady throughout the week, and it is now back to April levels, which has many investors hoping for another long bullish run.

Ethereum also grew exponentially this week to leave the psychological $2,000 level way behind. It is now trading at around $2,555 and looking to turn its fortunes around.

Usually, as an underperforming coin, Ripple’s XRP decided to debunk this myth with a 25% value increase over the week. More so, it jumped up the ladder to the 7th position in the top-10 cryptocurrencies by market cap. XRP is trading now at around $0.765.

Elsewhere, Cardano registered an 11% value boost as well to now trade at around $1.37. Most of the altcoins traded in the green throughout the week and recovered to positions they hadn’t had in months. For instance, Polkadot is up by 35%, and Dogecoin has increased by 7%. Also, Binance Coin is up by more than 13%.

Elsewhere, the DeFi sector gained roughly $10 billion in total value protocols (TVL), which now stand at nearly $71.50 billion.

This spectacular increase in value across the crypto board hasn’t come out of the blue. On the contrary, we can find its roots in consecutive news this week.

Firstly, Binance decided to reduce its derivatives services in some European states, such as Germany, Italy, and the Netherlands. This piece of news is not good at all. However, it comes in the light of other news revealing that many states are seriously looking into crypto adoption and regulation. Therefore, it makes crypto assets more viable for long-term interest.

Secondly, a recent survey shows that the number of crypto holders has doubled compared to the beginning of 2021. As it stands, over 220 million people worldwide hold some form of crypto assets at the moment.

What’s in the News?

  • The second oldest bank in the United States, State Street, announced that it would start offering cryptocurrency services to its private-fund clients.
  • The Mexican authorities identified no less than 12 illegal cryptocurrency exchanges functioning on its territory.

Next Week’s Market Forecast

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This week managed to relieve the market from some of the FUD that marred it over the last three months. While it’s too early to say how long this rejuvenation can last, we can only hope that it won’t end in a bloodbath. Above all, those investors who have stayed away from the crypto market lately due to its intense volatility may return recover their interest in digital assets.

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