Bitcoin & The Altcoins Are Back In The Green After U.S. Fed Backing

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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $2,139 trillion.
• Bitcoin (BITCOMP) is up by nearly 11% after a rejuvenating week.
• Ethereum (ETH-X) gained more than 12% in value over the week.
• XRP (XRP-X) has increased by roughly 14% over the past seven days.
• Almost all altcoins have registered significant gains this week.
• The DeFi sector gained almost $6 billion in total value protocols (TVL).

Cryptocurrency Trends for the Week of Sept. 27 - Oct. 3, 2021: Market Analysis and Performance

It’s looking to be a good start to October for cryptocurrencies across the board. After a disappointing three-week period, Bitcoin and most altcoins are trading in the green again. Even the overall market capitalization is thriving with a $300 billion increase over the past few days. Its value has climbed above the $2 trillion threshold again.

At the time of writing, Bitcoin has been hovering around $48,000. It’s an impressive surge from the king coin, which was struggling to remain above $40,000 only a week ago. You may be aware of all the fear and drama coming from China and the country’s staunch ban on cryptocurrencies. Beijing’s latest reiteration of old bans on crypto has caused most digital assets to bleed heavily.

Fortunately, this week, it was the United States coming to the rescue of the crypto market. This time, the Federal Reserve chairman, Jerome Powell, said that the U.S. has no plans on banning crypto. The news rippled through the crypto market and helped many assets recover. As usual, the leading cryptocurrency is one of the best climbers. And Bitcoin has been recently trading now at around $48,901.

Ethereum is also back on track with a generous value boost of over 12% over the week. The second crypto in command has been recently trading at around $3,473. Ripple’s XRP also benefits from the market’s rejuvenation, and it has been trading again above $1. After the bloodbath of past weeks, Ripple is now surging once more. XRP has been recently trading at around $1.08.

Unfortunately, not everyone’s a winner this week. Cardano (ADA-X) is an example of that, with a nearly 1% loss in value. ADA has been recently trading at around $2.29.

Altcoins & DeFi – Back in the Green

Elsewhere, Polkadot is up by roughly 9%, and Binance Coin (BNB-X) gained almost 24% in value. And Dogecoin (DOGE-X) is also up by approximately 7%. Lastly, one of the market’s best performers is Solana (SOL-X), which is back in the green with a massive 25% increase in value.

The DeFi sector gained roughly $6 billion in total value protocols (TVL), which stands at nearly $89.38 billion.

What’s in the News?

• SEC delays Bitcoin ETF approvals once again.
• Kick.io’s Cardano-based IDO Launchpad went live on Oct. 1.
• Japan’s Bitcoin court case may create crypto millionaires.
• Dogecoin Co-Founder suggests ways to boost the crypto’s utility.

Next Week’s Market Forecast

It’s too early to say it’s out of the woods. However, the crypto market seems to be alive and kicking after a successful week. Now, the worries of Bitcoin dropping below $40 thousand and Ethereum slumping under $2 thousand seem distant nightmares at this point. And, we can only hope that they will remain that way for many weeks to come.