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WMA: The Market Cap Goes Over $2 Trillion as Bulls Continue to Push

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 $2,070 trillion.
  • Bitcoin is up by roughly 5% after another successful weekly run.
  • Ethereum calls it even after a 0.5% increase over the week.
  • XRP is down by 6% in comparison to last Sunday
  • Solana, Polkadot, and Cardano end the week with significant value boosts.
  • The DeFi sector added almost $2.7 billion to the total value protocols (TVL).

Crypto Trends 16th – 22nd of August 2021: PERFORMANCE & ANALYSIS

This week closes on a high for the cryptocurrency market, and this is visible in the $100 billion value boost in market capitalization, which reclaimed the $2 trillion mark.

Bitcoin continues to increase steadily with the $50,000 target in sight. The primary cryptocurrency has increased by 10% over the past two weeks, as the investors’ trust solidifies. Bitcoin is trading at around $48,500 at this moment.

Ethereum is more or less trading at the same value as this time last week. More so, it moved sideways throughout the past seven days. After a few surges and minor bleedings, the second crypto in command ends the week with only a 0.5% increase in value. Ethereum is now trading at around $3,170.

Ripple’s XRP didn’t manage to continue its spectacular rise from the last time around when it closed the week with a 60% increase. This week, it lost 5% of its value and has fallen down the ranks again. XRP is trading now at around $1.20.

One of the week’s best crypto market performers is Cardano, after setting a new all-time high at $2.65 on Sunday. Even more, it manages to go up the ladder and occupy the 3rd position in the top-10 cryptocurrencies by market cap.

Elsewhere, Polkadot is up by 22%, Solana has increased by 55%, and Binance Coin is up by more than 9%.

The DeFi sector gained roughly $2.7 billion in total value protocols (TVL), which now stand at nearly $83.25 billion.

This week didn’t stand out for much spectacular news, except for the new change in Binance policies. From now on, the popular crypto exchange does not allow users to move a single finger on the platform without KYC (know your customer).

What’s in the News?

  • U.S.-leading crypto exchange, Coinbase, has announced that it will purchase $500 million worth of cryptocurrencies and reinvest 10% of the profits.
  • In an attempt to incentivize his co-nationals into taking anti-COVID 19 shots, an Australian millionaire vowed to reward them with $5 worth of Bitcoin.

Next Week’s Cryptocurrency Market Forecast

So far, we can safely say that the cryptocurrency market is steadily returning to its spring values and progress. For instance, Bitcoin and most of the altcoins are on a journey back to setting new ATHs. Also, the DeFi sector is closing into claiming the historical $100 billion level in TVLs.

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All these developments point more to a stabilization of the crypto market than to a periodic resurrection. And, they come to confirm one of Deloitte’s latest surveys, which see most corporate leaders accepting digital assets as a staple element of the future financial system.

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