WMA: The Bears Stand Their Ground as Bitcoin and the Altcoins Fail to Recover
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 $1,525 trillion.
- Bitcoin is up by roughly 6% after a turbulent week.
- Ethereum is up by more than 23% over the past seven days.
- XRP has increased by 22% over the week.
- Binance Coin and Cardano benefit from value boosts north of 30%
- The DeFi sector gained almost $7 billion in total value protocols (TVL).
Crypto Trends 24th – 30th of May 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market is putting an end to May under a strong bear grip. While the last hours of the weekend witness a slight comeback, it is too little too late for most crypto assets, which have been bleeding for two weeks straight.
The overall market capitalization only managed to gain $100 billion back from the $1 trillion it lost over a week ago in the past week. At the time of this writing, the market cap was standing at $1,525 trillion.
Bitcoin had given many of its supporters a minor heart attack mid-week when it dropped as low as $33,000. It has been a terrible month for the primary crypto. BTC saw its hopes for breaking the $60k resistance quashed by rumors, tweets, and a Chinese veto on its use.
Bitcoin is now trading at around $35,400 after a slight weekend recovery. Looking ahead, the closest levels of support lie at $33,520 and $32,465, respectively. However, the nearest resistance to break stands at $38,000, which appears insurmountable without a bullish rehabilitation.
Ethereum is doing a bit better than Bitcoin. Even though it lost almost $2,000 in value in the past two weeks, ETH is showing steady signs of recovery. An overall 23% increase over the week and a 2% boost in the past 24 hours could paint an optimistic trajectory for the month ahead. Ethereum is now trading at around $2,400.
Ripple’s XRP is also up by nearly 23% over the week. More so, it registered a 7% increase in the past 24 hours. It’s not a bad comeback, but not enough to push it past the $1 threshold. XRP is trading now at around $0.88.
The rest of the altcoins also dropped massive points throughout the week, only to recover in the last hours of the weekend. For instance, Litecoin is up by 30%, and Chainlinkgained nearly 60%. Unfortunately, both have exited the Top-10cryptos by market cap.
On the other hand, Tether made a surprising return to the Top-3 with a boost to its market cap, which now surpasses Cardano’s cap by over $10 billion.
What’s in the News?
- One of the largest insurance and banking companies in Belgium, KBC is planning to release its own cryptocurrency.
- S. chain of convenience stores Sheetzannounced that it will accept Bitcoin as payment.
Next Week’s Market Forecast
Nobody expected the cryptocurrency market to recover with a bang following last week’s depreciation. More so, seasoned investors will remember that the bulls usually take a much-needed rest after every run. Also, the bears being in charge is not necessarily bad, especially for new investors, who can enter the market at a low point.
Next week should see the values continue to wobble back and forth. Current events, news, and Elon Musk tweets, of course, should have relatively small impacts as well.
This week, Bitcoin 2021 will occur between June 3 and 5 at Wynwood’sMana Convention Center in Miami, Florida (USA).