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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,192 trillion.
• Bitcoin moved down by nearly 1% after an uneventful week.
• Ethereum increased by almost 1% over the past seven days.
• XRP lost more than 3% in value this week.
• Almost all altcoins have been trading in the red, with very few exceptions.
• The DeFi sector maintains the total value of protocols (TVL) at around $50 billion.

Cryptocurrency Trends for the Week of May 1-7, 2023: Market Analysis and Performance

The cryptocurrency market began May in an unspectacular fashion. Most of its assets have retained similar values to those seen at the end of April. Some altcoins have been bleeding, but not alarmingly so. Meanwhile, new faces in the meme sector have stirred the pot with jaw-dropping value boosts. Lastly, the market capitalization decreased in value by roughly $13 billion, dropping a little below the $1.2 trillion mark.

Bitcoin went on a short roller-coaster this week, always seesawing around the $30,000 level. The king of cryptocurrencies has maintained its overwhelming dominance without significant changes. Despite its 1% drop in value, BTC has continued to trade at roughly $29,000. It’s not much, but it’s an optimistic feat to achieve before summer rolls in.

Ethereum moved up by 1%, making small but decisive steps towards conquering $2,000. The second crypto in command set its sight on the much-coveted resistance level weeks ago. Soon, it should commit to a more decisive attack and solidify its position above it.

Altcoins & DeFi

Most altcoins have been trading in the red, albeit their losses are insignificant. For example, XRP moved down by nearly 4%, similar to Cardano, Dogecoin, Avalanche, and Chainlink. Meanwhile, Polygon decreased by 2%, Solana by 5%, Polkadot by 6%, Litecoin by 7%, and Shiba Inu by 8%.

Elsewhere, BNB moved up by over 1%, TRON by 3%, and Monero by 2%. However, none of them win the 'Climber of the Week' award. This week, that unofficial prize goes to Pepe, a new memecoin that has surged by over 320% in its first days of life.

The Metaverse sector has been in the same boat as the rest of the crypto market. For instance, Theta Network moved down by 6%, like Axie Infinity, The Sandbox, and Decentraland. Meanwhile, ApeCoin dropped by 11% and IPC by a whopping 9%. The DeFi sector added over $0.1 billion to the total value of locked protocols (TVL), now at $50.46 billion.

What’s in the News?

• Coinbase reported a $79 million net loss for the first quarter of 2024.
• The Biden Administration pressures the US Congress to pass a 30% tax on Bitcoin mining.
• The Kenyan authorities intend to implement a 3% tax on crypto transfers.

Next Week’s Crypto Market Forecast

The cryptocurrency market has maintained a strong position despite the slight value drops for some of its assets. This week has seen many cryptocurrencies lose a small portion of their April gains. However, the red values are not worrying enough to create fear, uncertainty, and doubt. Hopefully, the trend will reverse next week.

About the Author

Born and raised in Romania, and currently living in Spain, the author discovered a knack for writing from a tender age, and even won some minor awards for fiction that didn't pay much.

Iulian became a content writer in 2011, and he is still doing it to some degree of success today. He is currently specialized in cryptocurrencies, technology, online marketing, and social media. In his free time, Iulian likes reading, traveling, and watching sports. His dream is to see Bitcoin reach $100,000 just so he can tell his friends “I told you so!”

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