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This Week’s Summary

• The cryptocurrency market is looking to end the week at a total market capitalization of $2,192 trillion.
• Bitcoin (BITCOMP) is up by almost 14% since last Sunday.
• Ethereum (ETH-X) sets a new ATH (all-time-high) after a 30% increase in value.
• XRP (XRP-X) gets a roughly 50% value boost in the past seven days.
• Binance Coin (BNB-X) increased by more than 21% throughout the week.
• The DeFi sector added more than $12 billion to the total value protocols (TVL).

Crypto Trends for the Week of April 26, 2021: Performance & Analysis

The cryptocurrency market is ending a week of recovery after one of its worst periods in 2021 so far. While there were critical gains across the board, Bitcoin didn’t surge as much as expected. As a result, the star crypto sees its market dominance below 49%, which is the lowest in the past 33 months. The market capitalization increased by more than 300 billion dollars over the week. Now, it stands at around $2,192 trillion.

A week after dropping from $64,000 to as low as $49,000, Bitcoin managed to regain most of its losses. Following a 13.36% increase, Bitcoin has been recently trading at around $56,300. Unfortunately, it is not enough to restore optimism among investors.

As of the time of writing, Bitcoin is behind most of the top-10 cryptocurrencies in terms of weekly gains. The $60,000 resistance level seems out of reach. So, the nearest support at $52,000 is a more comfortable safety net for the days to come.

Ethereum stole the spotlight this week with a remarkable 30% increase in value. Again, the second crypto in command set a new ATH (all-time-high) at $2,955 and only a few inches away from the psychological resistance at $3,000. Ethereum has recently been trading at around $2,900. If the bulls don’t manage to push it past the $3,000 threshold, Ethereum can fall on the nearest support cushion at $2,600.

Ripple’s XRP is back with a bang. After losing precious gains last week, XRP is up by nearly 50%. Lately, XRP investors have been through an emotional roller coaster. Staggering losses immediately followed eye-watering value boosts. Nevertheless, it seems that XRP is more stable than in previous years, and a negative return below the $1 mark is, at least for now, unlikely. XRP has been recently trading at around $1.57.

Most of the altcoins traded in the green throughout the week. Also, most of them have solidified their gains over the weekend. Binance Coin registered a 22% increase in value to take its market cap close to the $100 billion marks. So far, Binance’s native coin has cemented its third place position in the top-10 cryptocurrencies by market capitalization. Binance Coin has been recently trading at around $609.

Polkadot is also up by more than 20%. Cardano (ADA-X) registered a 17% value boost to make up for its 6% loss from last week. Finally, Litecoin (LTC-X) is up by nearly 19% and is very close to re-entering the top-10.

Elsewhere, the DeFi sector recorded one of its most significant increases this year. Over the past few days, it added more than $12 billion to the total value protocols (TVL), which now stands at nearly $67.79 billion.

What’s in the News?

• VISA (V) announced that it had become the first major payments network to settle transactions in USDC coins.
• Uzbekistan is planning to lift the one-year-long ban on domestic trading and using cryptocurrencies.
• Coinbase (COIN) is looking to enhance its portfolio of analytics companies by acquiring Skew.

Next Week’s Market Forecast

With very few exceptions, 2021 has been a good year for the cryptocurrency market so far. More so, every first week of each of the past four months has been green and positive. With the latest value boosts, it should be safe to say that the first week of May could be a lucrative one for cryptocurrencies across the board.