WMA: Elon Musk Shoots Down Another Promising Market Recovery

Data & Research / 06.06.2021

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 $1,645 trillion.
  • Bitcoin is trading more or less at the same price as last week after a 0.5% increase.
  • Ethereum is up by more than 11% in the past seven days.
  • XRP has increased by more than 6% over the week.
  • Binance Coin, Polkadot, and Solana have recorded important gains throughout the week.
  • The DeFi sector gained almost $7 billion in total value protocols (TVL).

Crypto Trends 31st of May – 06th of June 2021: PERFORMANCE & ANALYSIS

The cryptocurrency market comes out slightly on top after a so-and-so week. While most of the altcoins registered decent gains, Bitcoin had to witness its $4,000 surge fly out the window due to another cryptic tweet from Elon Musk. Above all, as the weekend is nearing its end, most cryptocurrencies have started bleeding heavily.

The market managed to add only around $125 billion to take the market cap to $1,645 trillion in terms of market capitalization.

Bitcoin started the week on a positive note and continued in the same rhythm for the next five days. This way, it increased from $36,000 to almost $40,000. And, as everyone was eagerly waiting for its revival, the notorious killjoy, Elon Musk, decided to spoil everyone’s hopes.

On Friday, Musk tweeted a lame meme and a “broken-heart” emoji. While this random message wouldn’t mean much coming from a 14-year-old schoolgirl, it was enough to wreak havoc on the crypto market. And, it was all because it came from one of the most popular figures associated with it. Unsurprisingly, Bitcoin’s price dropped by $4,000.

Bitcoin is now trading at around $36,000 again. Things don’t look so promising for the week ahead, with a 4% drop over the past 24 hours. However, the crypto community has gotten sick and tired of Musk’s persistent poking at BTC. More so, it appears that the famous hacker group Anonymous has made its mission to discredit Musk and reveal his best-kept secrets should he continue to badger the most famous cryptocurrency in the world.

Moving on from the Bitcoin-Musk drama, it’s been a surprisingly good week for the altcoins. Ethereum is up by almost 13%, even if, like most altcoins, it has lost precious points over the weekend. Despite the market taking a dip, Ethereum continues its solid form. And, it is more likely to see it reach for the $4,000 threshold sooner than falling below $2,000 again. Ethereum is now trading at around $2,700.

Ripple’s XRP has increased by nearly 7% over the week. Thus, it’s been a good weekly run for XRP. However, it has lost almost 5% of its value in the last 24 hours. Therefore, it didn’t manage to stay above the $1 mark. XRP is trading now at around $0.93.

Most of the other altcoins have traded in the green over the week and lost some of their gains over the weekend. Compared to last week, Binance Coin is up by 19%, Dogecoin is up by 21%, Polkadot increased by 16%, and Solana is up by more than 39%.

Elsewhere, the DeFi sector added roughly $7 billion to the total value protocols (TVL), which now stand at nearly $66.06 billion.

What’s in the News?

Next Week’s Market Forecast

This weekend, the 2021 Bitcoin conference is taking place in Miami. Many of the big names in the crypto industry, including the Winklevoss brothers and Jack Dorsey, have already taken the stage to talk about the present and future of the crypto space.

Depending on the news and rumors coming out of the BTC conference, we might see a slight price recovery across the board at the beginning of next week. Also, El Salvador could open the door to complete Bitcoin state-endorsement and adoption in the upcoming days. So, we could witness a bullish surge strong enough to repel even the most defamatory tweets from Elon Musk.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.