WMA: Bitcoin Keeps Bleeding as Bears’ Grip on the Market Tightens
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 $1,04 trillion.
- Bitcoin maintains its value at around $26,000.
- Ethereum dropped by 1% to reach around $1,630.
- XRP lost nearly 5% in value this week.
- Almost all altcoins are trading in the red, with a few exceptions.
- The DeFi sector decreased the total value of protocols (TVL) to around $49 billion.
Crypto Trends 28 August – 03 September 2023: Market Analysis and Performance
The crypto market closed in August with very little to show for and significant losses across the board. The bears seem to have a tighter grip than usual, and very few assets struggle to remain in the green. This is also visible in the slow but steady depreciation of the overall market capitalization, down by $100 billion this week.
Bitcoin has a hard time recovering from recent hits. The king of cryptocurrencies continues to lose value, albeit not alarmingly. This week, BTC only bled around 0.5% of its value, which helps it remain in and around the $26,000 threshold. Hopefully, the trend will reverse next week to see it overcome its most recent comfort zone.
Ethereum is straying farther from the much coveted $2,000 level with every passing week. The second crypto in command began September on a downtrend, leaving very few of its supporters optimistic. Currently, a bullish push seems far for ETH and its ambitions.
Altcoins & DeFi
The altcoin sector is back drowning in the red, with very few assets running against the wind. For example, Toncoin is up by 26%, Bitcoin Cash by 2%, and UNUS by 1%. Unfortunately, the list of prominent climbers ends here.
At the other end of the spectrum, XRP is down by 5%, BNB by 1%, Cardano by 3%, Solana by 6%, and Polkadot by 5%.
The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the red. For instance, Axie Infinity is down by 8%, The Sandbox by 6%, Decentraland by 2%, and ApeCoin by 3%. Even ICP is down by 9% after a dreadful week.
The DeFi sector lost nearly $0.4 billion from the total value in locked protocols (TVL), now at $48.96 billion.
Crypto Market Analysis – What’s in the News?
- August saw a 92% drop in crypto losses due to hacks, according to security provider Immunefi.
- The SEC chooses to delay deciding on Blackrock’s filing for a Bitcoin ETF and other such applications.
Next Week’s Crypto Market Forecast
The crypto market is far from an attractive investment space for industry veterans these days. However, it could be a good entry point for beginners and those seeking low-priced, popular assets. Hopefully, this trend will reverse before the year’s last financial quarter begins.
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