WMA: Bitcoin Loses the $60,000 Level but Most Altcoins Surge
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 $1,774 trillion.
- Bitcoin lost nearly 5% in value in comparison to last Sunday.
- Ethereum lost roughly 4% in value over the week.
- XRP is back on the rise with a 13% increase.
- Cardano, Polkadot, and other altcoins continue to increase in value.
- The DeFi sector lost less than $1 billion from the total value protocols (TVL).
Crypto Trends 15th – 21st of March 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market closes a somewhat uneventful but highly volatile week. While Bitcoin lost a good chunk of its previous gains, most altcoins have increased in value slightly. Finally, the DeFi sector is going through a period of correction after attracting more than $7 billion in TVL over a week ago.
The market capitalization dropped a couple hundred billion dollars over the week. Now, it stands at $1,774 trillion.
Bitcoin has been on a nerve-wracking rollercoaster over the past seven days. On Monday, it started trading above $60,000. As a result, many hopeful investors were predicting a surge above the recently established ATH at roughly $61,000.
Unfortunately, the market decided otherwise. The BTC price started dropping, and on Tuesday evening it was at around $53,000. Then, it started to rise again reaching $59,800 on Thursday. From there on, there was no more room for ascending, and the bears brought the price down by $3,000, at $57,000.
Despite regaining a few hundred dollars over the weekend, Bitcoin is now trading at around $57,400.
Ethereum is following in Bitcoin’s steps by registering a rather disappointing week. The second crypto in command lost almost 4% in value over the week. Following last week’s surge to almost $1,900, many were hoping for a final attack on the $2,000 resistance level. Again, the bears squashed their hopes mercilessly.
Ethereum is now trading at around $1,780. If the bulls can regroup, they can attack the nearest resistance level at $1,875. On the other hand, the closest support lies at $1,695.
Ripple’s XRP made a surprising recovery from a month-long slump by increasing its value by 13%. After deceiving investors over and over again, XRP hadn’t been under the crypto market spotlight since 2021 started. Now, it might just get more attention if it continues to rise. XRP is trading now at around $0.50.
Most of the altcoins traded in the green throughout the week. Polkadot registered a small 1.1% gain and Cardano increased by 13%. However, Litecoin was less fortunate after losing almost 10% of its value.
Elsewhere, the DeFi sector lost almost $1 billion from the total value protocols (TVL), which now stands at nearly $45.37 billion.
What’s in the News?
- The Pakistani province of Khyber Pakhtunkhwa plans to build two hydroelectric-powered pilot mining farms and get a slice of the crypto pie.
- TurtleDex, a decentralized Binance Smart Chain protocol stunned investors by draining 9000 BNB, which roughly converts to $2.5 million, and disappearing into thin air.
- Meitu, a software development software company from Hong Kong just purchased $50 million worth of Bitcoin and Ether
Next Week’s Market Forecast
The next week will end a spectacular month in the history of cryptocurrencies. Bitcoin broke the $60,000 mark and “celebrated” a year from the start of the COVID-19 pandemic by trading at roughly 10 times more than in March 2020.
It is interesting to see how the market will evolve in the next months. For example, US citizens and businesses will receive another slice of the $1.9 trillion economic stimulus package. With the interest of people in cryptocurrencies on the rise, the crypto industry can hope that a considerable amount of this treasure will appear on the market.