WMA: Bitcoin and Most Altcoins Show Small Signs of Recovery
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 $1,471 trillion.
- Bitcoin is up by more than 7% after a promising week.
- Ethereum has increased by over 25% over the past seven days.
- XRP records a nearly 13% increase in value over the week.
- Binance Coin, Polkadot, and Cardano have registered significant gains this week.
- The DeFi sector gained almost $6 billion in total value protocols (TVL).
Crypto Trends 28th of June – 04th of July 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market had a surprisingly positive week after two months of going mostly downhill. First off, the market capitalization increased by $167 billion. Secondly, most cryptocurrencies registered substantial gains to make up for their recently consistent losses.
Bitcoin started the week trading as low as $32,000. However, it quickly rebounded, and by Tuesday, it was already selling for $36,400 a piece. The rest of the week was marked by intense volatility and crab-like movements. Bitcoin is now trading at around $35,400 and ending the week with a promising 24-hour value boost of around 2.5%.
Despite the promising recovery, Bitcoin’s situation is not that rosy. Its volume has diminished considerably over the past few months as it dropped by more than $400 billion. As a result, Bitcoin closed its worst quarter since 2018 with a total of 40% decline.
Additionally, the Bitcoin mining difficulty has dropped by 28%. For history buffs, this is the biggest correction in BTC’s entire existence.
Elsewhere, Ethereum registered an even more spectacular surge over the week. Following a 25% increase in value, the second crypto in command has returned above the $2,000 trading level. Ethereum is now trading at around $2,300 and has a promising position heading into the first full week of July.
Ripple’s XRP is also making waves, albeit smaller than Ethereum’s twirls. But, again, it takes advantage of the market’s value boost to trade in the green as well. While the increase in value is not enough to attract a horde of new buyers, it is still optimistic. XRP is trading now at around $0.69.
When we consider the huge value drops of the past two months, we could say that it’s been a good week for the entire crypto community. Almost all the altcoins gained precious value points, with some exceptional overachievers.
Cardano is up by more than 12% after Grayscale, the largest digital asset manager in the world, announced that they “have adjusted the portfolio of Grayscale Digital Large Cap Fund to now include $ADA.”
What’s in the News?
- SoftBank, a large Japanese banking institution, has invested $200 million in one of the largest cryptocurrency exchanges in Latin America, Mercado Bitcoin.
- Recent research from CryptoHead reveals that the U.S.A. is the readiest country for adopting cryptocurrencies. The next in line are Cyprus, Singapore, Hong Kong, and the U.K.
Next Week’s Market Forecast
This past week has been a silver lining in the dark clouds covering the crypto market over the past two months. However, while the more optimistic investors see it as a beacon’s wail for the bulls’ return, we should remain realistic. Experience has taught us to think twice before claiming we’re out of bear territory out loud.
Nevertheless, the upcoming July brings exciting events on the horizon. First, Ethereum should release new, pivotal upgrades to the network. Secondly, Cardano is about to release the main net supporting smart contracts. So, for now, stick to your guns and keep buying the dip!