WMA: Bitcoin and the Altcoins Suffer Small Losses during Dull Week
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 $1,400 trillion.
- Bitcoin is down by more than 5% after a mildly fluctuating week.
- Ethereum has decreased by over 9% over the past seven days.
- XRP records a 10% value loss over the week.
- Dogecoin, Polkadot, and Cardano have registered small value drops in the past week.
- The DeFi sector gained almost $1 billion in total value protocols (TVL).
Crypto Trends 05th – 11th of July 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market puts an end to an anemic week where value boosts were few and far between to trigger the community’s optimism. Most of the cryptocurrencies bled slightly. Also, the whole market capitalization dropped by more than $71 billion to stand at a little below $1.4 trillion at the moment.
Bitcoin had a seesaw movement throughout the week as it traveled between $30,000 and $34,000. Alarming news about its future regulation in various countries, such as China and the U.S., dulled its ambition to surge beyond $35k. Bitcoin is now trading at around $33,700 and completely under the bears’ control.
Ethereum is also losing precious value points and ending the week with a 9% drop. It’s a disappointing turn of events for the second crypto in command, especially after its 25% value boost last week.
Nevertheless, Ethereum should recover in light of its much-anticipated fork, now scheduled on August 4th. The “London hard fork” should bring new and promising developments to the Ethereum blockchain, such as reducing transaction fees. Ethereum is now trading at around $2,100.
Ripple’s XRP was back to trading in red after a promising run last week. This time, XRP lost almost 10% of its market value. Unfortunately, this seesaw movement does not lure many new investors, and its drop in market cap is clear proof of it. XRP is trading now at around $0.62.
Elsewhere, most of the altcoins lost small bits of their trading values. Of course, it’s not a tragedy. However, it is a disappointing setback after last week’s value gains. For instance, Cardano is down by more than 7%, Polkadot dropped by 3%, and Dogecoin is down by 13%
What’s in the News?
- The Bank of America has allegedly designated a special force team to research cryptocurrencies and other digital assets for future adoption.
- ChainSwap, a cross-chain asset bridge and application smart chain, suffered two massive exploits in less than nine days. As a result, over 14 tokens listed on it dropped in value by 99%.
Next Week’s Market Forecast
It’s not the best of times to be a crypto investor. However, good omens appearing on the horizon could give the market a boost in the coming weeks.
Firstly, next week should see Grayscale’s unlocking of GBTC shares. The release of over 16k BTC is the largest of its kind in the crypto trust’s history and should increase market volatility.
Secondly, the upcoming fork in the Ethereum blockchain may boost transactions and increase investments. In the end, the second-most-popular crypto could fulfill Goldman Sachs’s prophecy of surpassing Bitcoin as a store of value.
All in all, it is a hit-and-miss period for the crypto market, but its future is less bleak than it seems.