WMA: Bitcoin Gains $1K in Timid Crypto Market Resurgence
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This Week’s Summary
- The crypto market ends the week at a total market capitalization of $1,06 trillion.
- Bitcoin increased by around 3% to reach around $26,600.
- Ethereum maintains its value at around $1,600.
- XRP lost nearly 1% in value this week.
- Almost all altcoins are trading in the green, with very few exceptions.
- The DeFi sector maintains the total value of protocols (TVL) at around $49 billion.
Crypto Trends 11 – 17 September 2023: Market Analysis and Performance
The crypto market showed signs of a slight recovery this week. Most assets overturned the downtrend of previous weeks to go back to trading into the green. Although the gains are largely insignificant, they at least bring a glimmer of optimism for traders and investors. Meanwhile, the market capitalization increased by about $30 billion.
Bitcoin is back on the rise, following a shy $1,000 value boost. The king of cryptocurrencies is up by about 3%, which puts it well and above the $26,000 level. It’s a good sign for BTC, which struggled with a steady decrease for over a month.
Ethereum is seesawing around the $1,600 threshold, with very little to show for this period. The second crypto in command deals with a drop in value and popularity, confirming the industry’s pessimistic voices.
Altcoins & DeFi
Most of the altcoins are back trading in the green, albeit not by much. For example, BNB is up by 1%, similar to Dogecoin and Chainlink. Also, Solana is up by 3%, TRON by 7%, Litecoin by 5%, and Bitcoin Cash by 13%. However, the climber of the week title goes to Toncoin, up by 39%.
Not all altcoins are enjoying this period. For instance, XRP is down by 1%, just like Cardano, Polkadot, Shiba Inu, and Avalanche.
The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the green. For instance, Axie Infinity is up by 4%, The Sandbox by 3%, Decentraland by 4%, and Render by 8%. Elsewhere, ICP is down by 5% and ApeCoin by 12%.
The DeFi sector added nearly $0.4 billion to the total value of locked protocols (TVL), now at $49.6 billion.
Crypto Market Analysis – What’s in the News?
- Sam Bankman-Fried has allegedly written over 70 pages worth of unpublished Twitter posts to justify the actions that led to FTX’s bankruptcy.
- Coinbase launched a new Web3 wallet focusing on institutional DeFi and NFT transactions.
Next Week’s Crypto Market Forecast
The crypto market is in better shape today than at any point in the past month. However, its recent resurgence is far from filling anyone’s optimism for the upcoming period. Most traders remain cautious and apprehensive of a more decisive bull run.
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