Bitcoin Trades Above $50,000 And The Altcoins’ Value Goes Through The Roof

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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $2,295 trillion.
• Bitcoin (BITCOMP) is up by more than 3% as it trades again above $50 thousand.
• Ethereum (ETH-X) closes in on the $4,000 level with a 23% increase over the week.
• XRP (XRP-X) is up by roughly 12% in comparison to last Sunday
• Solana, Dogecoin (DOGE-X), and Polkadot end the week with significant value boosts.
• The DeFi sector dropped more than $16 billion from the total value protocols (TVL).

Cryptocurrency Trends for the Week of Aug. 30 - Sept. 5, 2021: Market Analysis and Performance

We start this crypto market analysis with some of the best news we had in weeks. Firstly, the market capitalization increased by more than $200 billion. Now, it is well above the $2 trillion mark, and there are no signs of it decreasing anytime soon.

Secondly, Bitcoin finally managed to overcome the $50,000 level. Even more, it continues to trade above it after a steady rise throughout the week. So, things are looking up for the primary crypto after a largely disappointing summer. Above all, some industry experts expect BTC to surpass $100,000 by the end of the year. Bitcoin has been recently trading at around $50,314.

Ethereum is also riding high after a spectacular value surge over the week. The second crypto in command is very close to establishing a position above $4,000. Ethereum has been recently trading at around $3,927.

Ripple’s XRP is surprisingly on the rise as well. After a nearly 12% increase over the week, it is now on the road to regaining its previous losses. XRP has been recently trading at around $1.28.

At the time of this writing, Cardano (ADA-X) was trading in the red. However, this downward trajectory is new because the coin has been surging throughout the week. For instance, it even surpassed the psychological level at $3 and set a new all-time high (ATH) at $3.10. It might be only a short slump in form for ADA, recently trading at around $2.87.

Elsewhere, Polkadot is up by almost 30%, Solana has increased by 48%, and Binance Coin (BNB-X) is up by more than 1%. The once-joke token, Dogecoin, is also up by roughly 8%. Lastly, Polygon is up by 18% after news of its imminent merger with Coinbase (COIN). The DeFi sector gained roughly $16 billion in total value protocols (TVL), which now stands at nearly $98.64 billion.

What’s in the News?

• Recent survey Shows 77% of Russian investors prefer Bitcoin to gold.
• TRON founder Justin Sun discusses BitTorrent Chain’s launch in an open letter.
• College students get into crypto to plug financial gap, recent survey shows.
• Aelf token’s price jumps 40% ahead of its token swap.

Next Week’s Market Forecast

It’s a good start to September for the cryptocurrency industry. Bitcoin is back above $50,000, and Ethereum shows no stop in its quest for setting a new ATH. More so, the altcoins now represent a viable investment opportunity with spectacular value surges. Let’s hope that the next week will find us in similarly high spirits.