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This Week’s Summary
- The cryptocurrency market looks to end the week at a total market capitalization of $2,588 trillion.
- Bitcoin (BITCOMP) is up by nearly 1% after a highly volatile week.
- Ethereum (ETH-X) is up by nearly 5% and set a new all-time high record this week.
- XRP (XRP-X) is up by roughly 1% after a mediocre week.
- Almost all altcoins have registered significant gains this week, with Shiba Inu (SHIB-X) up by 50%.
- The DeFi sector dropped below the $100 billion level in TVL after losing almost $4 billion this week.
Cryptocurrency Trends for the Week of Oct. 25–31, 2021: Market Analysis and Performance
The cryptocurrency market ends a stabilizing week and a historical month for many of its assets. In the past seven days, the overall market capitalization has increased by more than $40 billion. However, throughout October, the total market cap surged by almost $700 billion.
Thirteen years after Satoshi Nakamoto mined its first block, Bitcoin has been trading at around $60,600. And, it’s been an impressive journey for the king coin. At first, it was only an anonymous alternative to centralized currencies. Today, it is legal tender in one state and a futures-backed solution for ETFs in the United States.
Last week, Bitcoin was still celebrating its new all-time high (ATH) at almost $67,000. However, this week it went through a hangover-like movement as it dropped as low as $58,000. Nevertheless, it closes the weekend at nearly $61,000, which is a substantial gain for the most popular crypto worldwide.
Ethereum is also riding high after setting a new ATH for the second week in a row. This time, the second crypto in command has climbed as high as $4,455.74, a record it set on Friday. Unfortunately, intense market volatility didn’t allow it to surge any higher. After a steady decrease, Ethereum has recently been trading at around $4,271.
Altcoins & DeFi
Ripple’s XRP records a small win this week following a 1% increase in value. However, it’s not much for the once-3rd crypto by market cap. Therefore, it has been recently trading at around $1.10.
Cardano (ADA-X) is slowly but surely diminishing in value with every passing week. This time around, it lost the $2 level after a nearly 8% weekly drop. At the moment, it is struggling to keep it together, and it has been recently trading at around $1.95.
Elsewhere, Polkadot is up by roughly 1%. Meanwhile, Binance Coin (BNB-X) gained almost 9%, and Dogecoin (DOGE-X) is up by approximately 3%. One of the best climbers this week was Shiba Inu. The Doge-like coin surged by 150% at one point. As the weekend comes to a close, Shiba Inu records a 61% weekly boost, and has been recently trading at around $0.000065.
The DeFi sector lost roughly $4 billion in total value protocols (TVL), which now stands at nearly $99.2 billion.
What’s in the News?
- Steve Wozniak, the Apple co-founder, said Bitcoin is pure, and dollars are artificial.
- Rand Paul, the Republican senator and well-known libertarian, said that cryptocurrency could reach World Reserve status.
Next Week’s Crypto Market Forecast
The biggest news this week comes from the “Land Down Under.” The Australian Securities and Investments Commission (ASIC) released new guidelines on establishing crypto ETFs in the country. This could mean the legal setting of Bitcoin and Ethereum-backed ETFs.
And, it would be the second big state in the world, after the U.S., to allow it. Furthermore, it could boost crypto reliability enough to lure other countries into green-lighting cryptocurrency-backed exchange-traded funds.
Overall, it’s been a successful week and month for the crypto market. And, as it gains more trust from legal authorities worldwide, we could be optimistic about its near- and long-term future.
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