Bitcoin Drops Below $60,000 As The Market Takes A Dip

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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $2,654 trillion.
• Bitcoin (BITCOMP) is down by almost 7% after a troublesome week.
• Ethereum (ETH-X) dropped by almost 4% over the past seven days.
• XRP (XRP-X) dropped by almost 8% over the past seven days.
• Almost all altcoins have traded in the red for most of the week.
• The DeFi sector gained nearly $13 billion in Total Value Locked in protocols, which now stand at $104.22 billion.

Cryptocurrency Trends for the Week of Nov. 15–21, 2021: Market Analysis and Performance

The crypto market is contracting after a remarkable bull run of almost six weeks. This time last Sunday, we saw most crypto assets stabilizing and sitting on their gains. Today, we see them recording significant losses across the board. As a result, the market capitalization dropped by almost $45 billion.

Bitcoin has traded in the red for most of the week. While many were hoping for the king coin to remain above $60,000, BTC’s value dropped below the epochal mark. At one point, it even dipped as low as $56,000, causing a negative sentiment that rippled through the market.

Ethereum was the first to drop precious points. The second crypto in command did not trade in the green once this week. After a nearly 4% value loss, ETH looks to finish the week trading at around $4,388.

Altcoins & DeFi

Ripple’s XRP has lost everything it gained in the past few weeks after losing 8% of its value this week. It has been recently trading at around $1.07. Cardano (ADA-X) is slipping further below the $2 level it had so proudly attained recently. In the same situation is Polkadot (down by 8%), Shiba Inu (SHIB-X) (down by 14%), and Solana (SOL-X), which dropped by 1%.

Very few altcoins in the crypto market can celebrate trading in the green. For example, Avalanche is up by 40%, and Crypto.com’s Coin is up nearly 35%. Elsewhere, the play-to-earn sector is rapidly growing, with many projects surging this week. Among them are Decentraland (MANA-X), Axie Infinity, and Enjin Coin (ENJ-X).

The DeFi sector gained roughly $13 billion in total value protocols (TVL), which now stand at nearly $104.22 billion.

What’s in the News?

• Popular crypto-betting platform Kineko announces migration to Solana.
• Hillary Clinton thinks crypto could destabilize countries and threaten the dollar as a global reserve currency.

Next Week’s Market Forecast

The market sentiment is negative at the moment. Therefore, the forecast for the next few days is not all glitter and gold.

Nevertheless, the middle of the week will see the Blockchain Expo 2021 taking place in Amsterdam and online. Many industry-leading companies are attending it. And, any surprising announcements regarding blockchain technology might help the crypto market turn its fortune around.