WMA: BTC Fails to Break Past $60k while Traditional Markets Take a Dive
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 $1,758 trillion.
- Bitcoin lost more than 2% value in comparison to last Sunday.
- Ethereum lost nearly 5% in value over the week.
- XRP continues to rise with an 8% increase.
- Binance Coin and Theta each registered a surprising value boost.
- The DeFi sector lost almost $5billion from the total value protocols (TVL).
Crypto Trends 22nd – 28th of March 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market puts an end to a rather disappointing week. With very few exceptions, most of the popular assets lost precious value points over the past seven days. More so, the DeFi sector registered a huge blow by losing almost all its gains from the previous six weeks.
The market capitalization dropped by only 16 billion dollars over the week. Now, it stands at $1,758 trillion.
Bitcoin started the week trading at around $58,000. On Monday, most investors were hopeful that the most popular crypto in the world would break its latest ATH at roughly $61,000 by the end of March. However, the bears had other plans and dragged the BTC price down into their territory. By Thursday, Bitcoin was trading as low as $51,000.
Fortunately, the bulls managed to get some of the BTC gains on Friday. However, it wasn’t due to their force, but more likely thanks to BTC’s most popular supporter of recent times, Elon Musk. The CEO of Tesla announced that the company will soon accept Bitcoin as payment. As a result, the BTC price immediately spiked by $1,000.
Since Elon Musk’s latest reference to Bitcoin, the BTC value has increased slightly. However, at this point, it looks more like a market correction than investors’ trust and enthusiasm. The no.1 crypto ends the week in the red zone, and it is now trading at around $55,980.
Ethereum is also bleeding after a rough week in which it lost more than 4.50% of its value. Similar to Bitcoin, Ethereum also tried to defeat resistance, this time at $1,875. Unfortunately, it had the same faith and traded in the red for most of the week.
Ethereum is now trading at around $1,703. The next levels of resistance lie at $1,785 and $1,800. However, if it fails to reach them, it can fall on the next support at $1,600.
Ripple’s XRP continues to increase in value for the second week in a row. This time, it added roughly 8.5% to its value, and the investors are hopeful that the surge will continue. XRP is trading now at around $0.55.
Most of the altcoins traded in the red throughout the week. Polkadot registered a significant 13% loss and Cardano decreased by almost 2%. Even Litecoin lost almost 6% of its value, and it is now bleeding for two weeks in a row.
The surprise of the week came from THETA. The native token of the blockchain-powered network by the same name increased by roughly 46% to enter the Top-10 cryptocurrencies by market cap. At the moment, THETA is trading at around $12.80.
What’s in the News?
- The US District Court for the Southern District of New York granted a request by the CFTC to fine Benjamin Reynolds for a 2017 global Bitcoin scam and ordered him to pay $572 million in compensation.
- Uniswap has announced that it will release its v3 upgrade on the 5th of May.
- The international investment bank Goldman Sachs has officially approached the US Securities and Exchange Commission (SEC) for the approval of an exchange-traded fund (ETF) that would provide exposure to crypto-assets.
Next Week’s Market Forecast
The next week should see the crypto market recover from its recent slump, even if there aren’t many hopeful signs for it. However, one helping hand may come from the exterior. And this time, the source might not be Elon Musk. After all, Bitcoin and pursuing altcoins shouldn’t depend on multi-billionaires’ tweets to overcome their struggles.
The traditional finance markets took a nosedive as the S&P 500 and NASDAQ went deep into the red zone, and only the former managed to recover on the weekend. However, experts are optimistic about the week ahead, and a resurgence on their side may give a positive boost to the crypto market as well.