This Week’s Summary

• The crypto market ends the week at a total market capitalization of $1,44 trillion.
• Bitcoin increased by over 3% to reach around $37,700.
• Ethereum is up by nearly 7% to climb above $2,000 again.
• XRP added almost 4% to its value this week.
• Almost all altcoins are trading in the green, with some exceptions.
• The DeFi sector increased the total value of protocols (TVL) to around $47 billion.

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Crypto Trends 20 – 26 November 2023: Market Analysis and Performance

The crypto market closes one of its most eventful weeks this year. Undoubtedly, the week’s news involved the overdrawn legal dispute between the US Department of Justice and Binance, the world’s biggest crypto exchange, which finally ended. Its conclusion involves a $4.3 billion fine that Binance (BNB-X) will pay without admitting guilt and Changpeng Zhao stepping down from the CEO position. The news shocked the market, causing multiple assets to lose significant gains. However, toward the end of the week, most of them recovered. The overall market capitalization increased by almost $6 billion.

Bitcoin lost over $2,000 in value following Changpeng Zhao’s departure from Binance. However, the king of cryptocurrencies recovered quickly and challenged the $38,000 resistance level. This rollercoaster shows that BTC is susceptible to big industry earthquakes, like most crypto assets. However, it recovers faster than before, restoring its supporters’ faith in the coin’s strength and stability.

Ethereum is back trading into the green after a disappointing last period. The second crypto in command is up by almost 7% this week. As a result, its value increased again at around $2,100, aiming to remain above the much-coveted level longer.

Altcoins & DeFi

Most altcoins are trading in the green, with some notable exceptions. This week’s losers include BNB, which unexpectedly dropped following its CEO’s exit. The coin is down by over 3%, similar to Solana, which sees its first downtrend following a three-week surge.

Meanwhile, XRP increased by almost 4%, similar to Cardano. TRON is up by 5%, Chainlink by 7%, and Polkadot by 2%. On the other hand, Avalanche is down by 2%, Dogecoin by 1%, and Polygon by 6%.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the green. For instance, Axie Infinity is up by 3%, The Sandbox by 4%, Decentraland by 8%, ICP by 4%, and Theta Network by 3%. The only significant Metaverse token winning this week is Render, which is down by 4%.

The DeFi sector added almost $2 billion to the total value of locked protocols (TVL), now at $47.88 billion.

Crypto Market Analysis – What’s in the News?

• Binance nominated Richard Teng as the exchange’s new CEO.
• TRON’s founder, Justin Sun, confirmed an exploit on HTX and the cross-chain bridge of the HECO chain.
• Austria’s Raiffeisen Bank International plans to offer cryptocurrency services soon.

Next Week’s Crypto Market Forecast

The crypto market saw one of its most prominent names, Changpeng Zhao, step down from leading the world’s largest cryptocurrency exchange. Nevertheless, Zhao will most likely remain in the industry, and crypto enthusiasts know this is only a minor setback in the market’s stabilization. In fact, most assets proved it by returning to the green shortly after the news came out. Hopefully, the current trend will continue into the last month of 2023

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