Bitcoin Records Minor Increase, But Most Altcoins Are Bleeding

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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $2,120 trillion.
• Bitcoin (BITCOMP) is up by nearly 4% in comparison with last Sunday.
• Ethereum (ETH-X) lost 2% in value over the week.
• XRP (XRP-X) is down by roughly 4% after a troublesome week.
• Most altcoins, except Avalanche, have traded in the red for most of the week.
• The DeFi sector gained almost $1.4 billion from the total value protocols (TVL).

Cryptocurrency Trends for the Week of Sept. 13–19, 2021: Market Analysis and Performance

It’s been an uneventful week for the cryptocurrency market. Bitcoin continues to increase, but not spectacularly. Most altcoins continue to bleed heavily, and the DeFi sector has been stagnating. However, despite all of this, the crypto market remains in a positive trend. That is visible in the market capitalization, which increased by more than $60 billion.

Bitcoin added more than $2,000 to its value this week. And, while it traded above $48,000 for a couple of days, it has reverted below it over the weekend. We should also mention the Golden Cross that BTC painted this week, which is usually a positive sign. Bitcoin has been recently trading at around $47,790.

Ethereum continues its disappointing trajectory, which should soon take it below $3,000. It’s another 3% weekly loss for the second crypto in command, and the $4,000 mark seems farther than ever. Ethereum has been recently trading at around $3,372. Ripple’s XRP is also on a downward trend after another disconcerting week. XRP has been recently trading at around $1.06.

Cardano (ADA-X) launched its Alonzo mainnet upgrade this week. The event introduces smart contract capabilities to Cardano’s network for the first time. And, while it should have helped it surge, it had the opposite effect. Simply put, the coin lost more than 13% over the week. ADA has been recently trading at around $2.35

Altcoins & DeFi

Elsewhere, Polkadot and Binance Coin (BNB-X) are both down by almost 1% each. And Dogecoin (DOGE-X) is also down by roughly 4%. The only altcoin seemingly celebrating is Avalanche. The AVAX token is up by almost 14% and has been recently trading at around $73. The news is surprising enough because the up-and-coming platform has suffered a $3.2 million loss after a pool hack this week.

Another popular project nowadays, Solana (SOL-X), is also bleeding heavily. After a disappointing 12% weekly loss, Solana has been recently trading at around $158.18. The DeFi sector gained roughly $1.4 billion in total value protocols (TVL), now at nearly $89.78 billion. Nevertheless, DeFi blue chips such as SUSHI SUSHI-X, CRV, and SNX-X have pumped recently.

What’s in the News?

• SHIB-X spikes after Coinbase (COIN) listing and Elon Musk’s cryptic endorsement.
• Ark Investment looks to explore cryptocurrencies more by investing in Canadian ETFs.
• Treasury keeps a hawk’s eye on stablecoins as U.S Crypto Regulation calls continue.

Next Week’s Market Forecast

It’s not the best of times for the crypto market as most coins have experienced seesaw movements. This week’s gains become next week’s losses and vice-versa. So far, signs of a bull run are far and few in between. So, we can only delight ourselves with up-and-coming projects like Avalanche that grow substantially from one day to another.