WMA: A Modest Week for Bitcoin but a Good one for Ethereum and Altcoins
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 $2,192 trillion.
- Bitcoin is up by almost 14% since last Sunday.
- Ethereum sets a new ATH after a 30% increase in value.
- XRP gets a roughly 50% value boost in the past seven days.
- Binance Coin increased by more than 21% throughout the week.
- The DeFi sector added more than $12billion to the total value protocols (TVL).
Crypto Trends 26th of April – 02nd of May 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market is ending a week of recovery after one of its worst periods in 2021 so far. While there were critical gains across the board, Bitcoin didn’t surge as much as expected. As a result, the star crypto sees its market dominance below 49%, which is the lowest in the past 33 months.
The market capitalization increased by more than 300 billion dollars over the week. Now, it stands at $2,192 trillion.
A week after dropping from $64,000 to as low as $49,000, Bitcoin managed to regain most of its losses. Following a 13.36% increase, Bitcoin is now trading at around $56,300. Unfortunately, it is not enough to restore a staunch optimism among investors.
As of now, BTC is behind most of the Top-10 cryptocurrencies in terms of weekly gains. The $60,000 resistance level seems out of reach. So, the nearest support at $52,000 is a more comfortable safety net for the days to come.
Ethereum stole the spotlight this week with a remarkable 30% increase in value. Again, the second crypto in command set a new ATH at $2,955 and only a few inches away from the psychological resistance at $3,000.
Ethereum is now trading at around $2,900. If the bulls don’t manage to push it past the $3,000 threshold, ETH can fall on the nearest support cushion at $2,600.
Ripple’s XRP is back with a bang! After losing precious gains last week, XRP is now up by nearly 50%. Lately, XRP investors have been through an emotional rollercoaster. Staggering losses immediately followed Eye-watering value boosts. Nevertheless, it seems that XRP is more stable than in previous years, and a negative return below the $1 mark is, at least for now, unlikely. XRP is trading now at around $1.57.
Most of the altcoins traded in the green throughout the week. Also, most of them have solidified their gains over the weekend.
Binance Coin registered a 22% increase in value to take its market cap close to the $100 billion marks. So far, Binance’s native coin has cemented its 3rd position in the Top-10 cryptocurrencies by market capitalization. Binance Coin is now trading at around $609.
Elsewhere, the DeFi sector recorded one of its most significant increases this year. Over the past few days, it added more than $12 billion to the total value protocols (TVL), which now stands at nearly $67.79 billion.
What’s in the News?
- VISA announced that it had become the first major payments network to settle transactions in USDC coins.
- Uzbekistan is planning to lift the one-year-long ban on domestic trading and using cryptocurrencies.
- Coinbase is looking to enhance its portfolio of analytics companies by acquiring Skew.
Next Week’s Market Forecast
With very few exceptions, 2021 has been a good year for the cryptocurrency market so far. More so, every first week of each of the past four months has been green and positive. With the latest value boosts, it should be safe to say that the first week of May could be a lucrative one for cryptocurrencies across the board.